Summit Hotel Properties has completed the previously announced acquisition of the 176-guestroom Canopy by Hilton New Orleans Downtown for $56 million through its joint venture with GIC, Singapore’s sovereign wealth fund.
In development since 2015, the 14-story hotel inhabits the former Oil and Gas Building, built in 1959 and designed by August Perez & Associates and Edward B. Silverstein & Associates. The building was placed on the National Register of Historic Places in 2014 after it had been vacant for more than a decade.
The Canopy by Hilton is on the site of New Orleans’ former Chinatown neighborhood. The hotel also houses the Herbalist bar, a “transfer lounge” and 1,700 square feet of meeting space including access to a private patio.
The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage, which included 27 hotels containing 3,709 gues
