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Hospitality & Commercial Real Estate Service, Worldwide.
HOSPITALITY ADVISORY SERVICES• INSTITUTIONAL RANGE • REGIONAL EXPERTISE • NATIONAL GEOGRAPHIC SCOPE •
I’d like to begin simply: by thanking you.
As one of our extremely valued clients, we’re sincerely grateful for the trust and confidence you’ve shown in us throughout 2014, as of course, we have been for that same trust in prior years.
We happen to think that your trust is well placed. As we welcome 2015, the national lodging market is reassuringly robust, with an expectation of continued and sustained growth over the next 2-3 years.
Close to home, New Orleans has been transformed into an Institutional Lodging Market, in large part because of rising RevPAR growth in 2010-2014, limited new supply between 2005-2014, and an economic surge in the region. This has created a higher barrier to market entry and today, over 77% of the hotels in the Central Business District are owned by public or private Institutional Lodging entities.
The nature of the city’s market has been a substantial factor in our successes, especially in the twelve months trailing since the building and buying of hotels in New Orleans reached equilibrium in 2014.
Let’s look at those successes, and the rest of the NOLA market. Our Hospitality Division closed 5 new hotel developments in the CBD – over 850 rooms totaling approximately $200,000,000 in completed transaction costs.
The 182-room Oil and Gas Building, the 110-room Moxy by Marriott, the 185-room 1111 Gravier, the 165-room Cambria Suites by Choice, and the 210-room Luxury Boutique Independent NOPSI Building. We also closed the largest single existing hotel transaction citywide in 2014: the 220-room Sheraton Four Points in the 4th quarter. Last year, Marriott chose New Orleans to launch the opening of the first AC by Marriott hotel in the US which is currently for sale (Newcrest Image) and in 2016, NOLA will also host one of the first Moxy by Marriott hotels in the country.
Other developments include the 200-room Aloft (HRI) opening in 2015, the 216-room ACE hotel, set to open 2016 and the first Hyatt House in New Orleans (180 rooms), which is being developed within an existing Class B office building on Poydras street. Northview superbly executed and completed the transformation of the Queen and Crescent hotel into an upscale lifestyle boutique property (196 rooms). This asset is a “must see” on your next trip into town. In 2014, sales of existing hotels were robust, though the velocity and volume of existing lodging product did not exceed 2013’s peak. A few significant trades and new players to the market include Garrison/Wright Staybridge (182 rooms), O’Keefe Plaza (100 rooms - conversion to HIE), and Rockwood/Warner with the acquisition of the Country Inn and Suites (155 rooms for $190,000 per room). The first hotel I developed - The Whitney Wyndham (92 rooms) - also traded to Alexander Land last year, and is being upgraded to a beautiful, independent boutique property.
New brands and owners to the market Include Chesapeake, Connor Acquisitions, Building Land and Technology (BLT), Garrison, Wright Development, Joie de Vivre (JDV), Canopy, Moxy, Baywood, Fillmore Capital, Destination/Lowe, Salamander, Summit, and Newcrest Image.
The most exciting development, though, is that the New Orleans lodging community is preparing to embrace a substantial addition to its Luxury Competitive Set with the redevelopment of the World Trade Center (WTC).
LETTER TO OUR CLIENTS:
2
Hospitality & Commercial Real Estate Service, Worldwide.
Brands and buyers in the mix include NAI/Latter& Blum Chairman Bob Merrick, teamed with Woodward Interest, Carpenter and Co., teamed with Four Seasons, HRI with Andaz, by Hyatt, Darryl Berger, Roger Ogden and Joe Jaeger with Conrad by Hilton, Oxford Capital LLC, and Woodbine teamed with Valencia.
These are all mixed-use developments with dual components including a 200-350 room hotel, and “for rent/for sale” residential, fee simple residences. This is all in what is arguably the best location for mixed-use development in the city. The Le Pavilion hotel transaction has been placed on hold; we understand it is coming back to market in the 1st quarter of 2015. Currently, the management encumbered Hampton Inn Portfolio is still available for sale and the D-Day Museum is building a 200-room hotel “on site” for the 500,000 people that visit the museum annually.
The dual-branded, 365-room Marriott Residence Inn/Springhill Suites project on Canal street is in final negotiations with the city, and is expected to emerge with an acceptable compromise regarding historic buildings, height, and density. This project could very well drive further localized development.
Chesapeake recently completed their conversion of the 423-room W New Orleans to Le Meridian; and the Pontchatrain hotel traded and will become an upper-up-scale lifestyle hotel. The Doubletree is under contract and is expected to trade in the 1st Quarter of 2015. Yet more welcome news is that the $3.5 Billion BIO DISTRICT is slated to open Phase I in 2015, which will increase weekday corporate demand. Additionally, construction is now underway with the new airport terminal (to open 2018/2019), which will most assuredly improve Lift and customer service in and out of the city.
These two developments, opening back to back, coupled with HVS opening a new office in the CBD will further galvanize Institutional ownership in New Orleans. The city retains its enviable position as a “Gateway City”, with one of the county’s largest ports, a very strong convention calendar 2015-2018, and strong upward growth in the Leisure segment annually (RevPAR $130- 2014 CBD). Eyeing the future, between 2015-2019, the New Orleans lodging market should experience a healthy 1% annual increase in supply (including the 1000-room Convention Center Hotel 2019), and RevPAR (demand) growth of approximately 4.8% annually, mostly through rate escalation.
With the arrival of “for sale” residential real estate trading from $550-$800 psf in the CBD in 2014, we believe many existing potential hotel conversion opportunities will include a combination hotel and residential component; leveraging economies of scale with dual branding and use, sharing amenities and management. The Hospitality Division of NAI/Latter&Blum looks forward with relish to forging new inroads in other top 25 lodging markets both regionally and nationally in 2015. Our continued focus on our clients’ best interests will surely spearhead our ongoing successes.
As we go forward together, I’d like to again thank you for your business, continued trust and friendship.
Sincerely,Lenny Wormser
3
Hospitality & Commercial Real Estate Service, Worldwide.
The 220-room Sheraton Four Points represents the largest (in terms of rooms) single New Orleans hotel transaction of 2014. The seller is an Austin-based, privately-held real estate firm. The buyer is a Ft. Meyers FL. based lodging owner, with their first New Orleans property. The sale occurred during a brand conversion that will give this asset a competitive basis all in. It has a great location, just minutes from the new international airport terminal, coupled with superb access and visibility. The high barrier to entry location - due to few nearby developable sites - ensures this asset will remain at the forefront of its competitive set.
INSTITUTIONAL PROPERTY SALES
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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Located in the heart of the Arts/Central Business District, 744 St Charles Avenue is one of the first Moxy by Marriott hotels to be built in the country, with a scheduled opening in 2016. This lifestyle/boutique millennial-focused brand represents a substantial shift in Marriott’s future growth: third party management and increased yield led by a smaller but spacious room concept, in high entry barrier urban markets. With the Marriott reservation system leading the charge, the ‘chic but cheap’ Moxy New Orleans is being developed by a multi-generational New Orleans family, is fully entitled, and is expected to start construction in the 1st quarter of 2015.
LODGING DEVELOPMENT ADVISORY SERVICES
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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1111 Gravier is a 105,000 square foot concrete structure formerly known as the Rault Center. The building has been vacant since the 1972 fire which precipitated the changing of the fire codes and life safety standards of high rise buildings nationwide. The buyer was thus able to obtain a ‘Historic Designation’ for the building, which substantially lowers its acquisition basis and allows for the development of the first Joie de Vivre (JDV) hotel by Commune in the city to forge ahead. Fully entitled, this project is situated adjacent to the French Quarter and Bio District, and is scheduled to open in 2016.
ADAPTIVE RE-USE AND VALUE ADDED REDEVELOPMENT
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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The Oil and Gas Building at 1100 Tulane Avenue is a 110,000 square foot historic structure situated one block from the French Quarter and adjacent to the $3.5billion Bio District (slated to open mid 2015). It is just over a five minute walk to the Convention Center and Superdome. The buyer is a Washington-based institutional private lodging developer, owner and management company and the seller is a local nonprofit organization. Slated to open in 2016, 1100 Tulane, which is currently vacant, will be converted into Baywood’s first hotel in New Orleans. Fully entitled, the property sits at the forefront of the entrance to the city’s ever-growing for-rent residential market.
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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The 200,000 square foot New Orleans Public Service Building (affectionately known as the NOPSI building), has arguably the most dramatic and sensational lobby of any historic building in New Orleans. With 35 foot ceilings in the lobby, this Art Deco diamond is set to become one of the city’s largest Luxury Independent hotels, with 210 rooms. The buyer is an institutional private developer and first time New Orleans lodging owner. The seller is a successful New Orleans real estate group, who purchased the building prior to 2005, and until approached, was planning to develop the property into apartments. The site, which includes three buildings and a parking lot, is located three blocks from the French Quarter and three blocks from the Bio District. It is nestled squarely in the CBD adjacent the new Aloft, the new AC by Marriott, the Waldorf/ Roosevelt, the Marriott Renaissance FQ, the Ritz Carlton, Le Pavilion and Homewood Suites.
OFF MARKET ACQUISITIONS
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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In 2015, the fate of the city’s most desirable piece of property will be decided: the sale/lease of the World Trade Center (WTC) at 2 Canal Street. The WTC is unquestionably in the best location in New Orleans for a mixed-use project. Eleven bids were initially received and the city has narrowed the list down to five, who will submit their detailed proposals in the first Quarter of 2015. Brands and buyers in the second round include NAI Latter& Blum Chairman Bob Merrick with Woodward Interests, Carpenter and Company and Four Seasons, HRI with Andaz by Hyatt, Darryl Berger, Joe Jaeger, and Roger Ogden with Conrad by Hilton, Oxford Capital LLC, and Woodbine Development teamed with Valencia. The WTC will be a major addition to the New Orleans Luxury Competitive Set, which will combine a 200- 350 room hotel with separate residential for-rent and for-sale components. It is enviably at the apex of the Mississippi River, Convention Center, French Quarter, and CBD.
TROPHY ASSETS
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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WTC LUXURY MIXED USE
MONTELEONE
DOUBLE TREE
WINDSOR COURT
PROPOSED RI/SHS
THE RITZ CARLTON
MARRIOTT RENAISSANCE
MARRIOTT AC HOTEL
HAMPTON INN & SUITES
HAMPTON INN & SUITES
CROWNE PLAZA
HYATT
CAMBRIA SUITES BY CHOICE
COUNTRY INN & SUITES
ROOSEVELT WALDORF ASTORIA
THE NOLA LODGING MARKET 2015 - 2019
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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ALOFT
ACE HOTEL
MOXY BY MARRIOTT CBD
MOXY BY MARRIOTT
1100 TULANE
HYATT HOUSENOPSI
CONVENTIONAL CENTER MIXED USE DEVELOPMENT
1111 GRAVIER
HOLIDAY INN EXPRESS
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
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CONVENTION CENTER MIXED USE DEVELOPMENT
CONVENTION CENTER
CBD
ANCHOR DEVELOPMENTS 2016 - 2019
PLAZA TOWERS MIXED USE DEVELOPMENT
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
12
BIO DISTRICT OPENING 2015-16-17
WORLD TRADE CENTER (WTC) MIXED USEPOTENTIAL BRANDS INCLUDE:
FOUR SEASONS, CONRAD, ANDAZ, VALENCIA
FRENCH QUARTER
CONVENTION CENTER STATISTICS
Year Number of Conventions Number of Delegates2006 43 428,000
2014 128 750,000Source: Ernest N. Morial Convention Center
VISITATION STATISTICS
Year Number of Visitors Visitor Spending2006 3,700,000 $2,800,000
2014 9,300,000 $7,000,000
(2004 Peak) 10,000,000 $5,000,000
2018 (Proj) 13,000,000 TBDSource: Ernest N. Morial Convention Center
AIRPORT STATISTICS - LOUIS ARMSTRONG NEW ORLEANS
Year Passenger Traffic2006 6,200,000
2014 7,200,000
(2004 Peak) 9,700,000Source: Ernest N. Morial Convention Center
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
13
Magazine St
C a n a l S t r e e t F e r r y
C A J U N Q U E E N
C R E O L E Q U E E N
M I S S I SS
IP
PI
R
IV
ER
Martin Luther King Blvd
Orleans A ve
Basin StElk Pl
Loyola Ave
Howard Ave
Simon Bolivar Ave
Convent
ion
Center
Blvd
Poydras St
Religious St
Tcho
upito
ulas S
t
Andrew Higgins Dr
St. Charles AveCamp St
La Salle St
Canal St
St. Claude Ave
N Rampart St
S Robertson St
Almonaster Ave
Florida Ave
Esplan
ade A
ve
Esplanade Ave
St. B
erna
rd A
ve
N Claiborne Ave
N Robertson St
Annett
e St
Calliope St
Pontchartrain ExpyGreater New Orleans Bridge
N Claiborne Ave
Thalia St
Clara St
Magnolia St
Clio St
S Saratoga StErato St
Euterpe St
Terpsichore St
Martin Luther King Blvd
St. Charles Ave
S Rampart St
Carondelet St
Euterpe St
Erato St
Terpsichore St
Race StOrange St
Annunciation St
Perdido St
Gravier St
Freret
La Salle St
S Liberty
Loyola Ct
O’Keefe Ave
Baronne St
St. Joseph St
Union St Comm
on StLafayette St
Girod St
Camp St
Constance St
Tchoupitoulas
St
Commerc
e St
N Peters S
t
Poe D
r
Juila St
Port of
New Orle
ans P
l
Iberville St
Burgundy St
Dauphine St
Bourbon St
Royal StRoyal St
Charters St
Crozat St
Bienville Ave St. Louis StSt. Louis St
Toulouse St
St. Peter St
Orleans St
Dumaine St
St. Philip St
Governor Nicholls St
Barracks St
N Derbigny St
N Robertson St
N Villere St
Marais St
Treme St
St. Claude Ave
Kerlerec St
Columbus St
N Rampart St
Touro
St
Annette
St
Urquhart St
St. Anth
ony St
N Villere St
N Roman St
French
men St
Marigny
St
Spain
St
Music S
t
St. Roch
Ave
Cleveland Ave
Laharpe St
W Stadium Dr
Girod St
LaSalle St
N Roman St
N Prieur St
S Johnson St
Ursulines Ave
Govenor Nicholls St
Earhart Blvd
Gravier St
Dumaine St
Piety St
Desire St
Gallier St
Congress St
Independence St
Pauline St
Dauphine St
Royal St
St. Ferdinand St
Decatur St
Port St
Burgundy St
Charles St
N Rampart ST
Louisa St St. Claude Ave
Franklin Ave
St. Ann St
Gravier St
Marigny
St
Mandevi
lle St
Spain
St
Toniti St
Elysia
n Field
s Ave
N Derbigny St
RiverfrontPark
LafayetteSquare
ENERGYCENTRE
AnnunciationSquare
Louis Armstrong Park
JacksonSquare
CabriniPark
10
10
90
90
90
RIVERWALK
NEW O
RLEANS R
IVERWALK
INTE
RNATIO
NAL CRUISE S
HIP TERMIN
AL
LEECIRCLE
LOUISIANASUPERDOME
MAINPOST OFFICE
UNIONPASSENGERTERMINAL
GREYHOUNDAMTRAK
NEWORLEANS
ARENA
CITY HALL
GALLIERHALL
LOUISIANA CHILDREN’S MUSEUM
MAHALIA JACKSON THEATRE FOR THE PERFORMING ARTS
TULANE UNIVERSITYHOSPITAL AND CLINIC
PUBLIC LIBRARY
ST.LOUISCEMETRY NO. 1
ST.LOUISCEMETRY NO. 2
ORPHEUMTHEATRE
PRESERVATIONHALL
GALLIERHOUSE
OLD URSULINECONVENT
FRENCHMARKET
ST. LOUISCATHEDRAL
CAFE DU MONDE
JAX BREWERY
PAN AMERICAN BUILDING
AUDUBON AQUARIUM OF THE AMERICAS
MORIAL CONVENTIONCENTER
ONESHELL
SQUARE
HARRAH’S
USMINT
CIVICCENTER
MOON WALK
SPANISH PLAZA
CONTEMPORARYARTS CENTER
CONFEDERATE CIVIL WARMUSEUM
ORGEN MUSEUM
TULANE UNIVERSITY
ST. PATRICKSCHURCH
3 MI
TREME
FRENCH QUARTER
FAUBOURGMARIGNY
WESTBANK
CBD
BIO DISTRICT
CONVENTIONCENTER DISTRICT
CONVENTIONCENTER DISTRICT
TREME
FRENCH QUARTER
LOWERGARDENDISTRICT
LOWERGARDENDISTRICT
GARDENDISTRICTGARDENDISTRICT
FAUBOURGMARIGNY
WESTBANK
CBD
BIO DISTRICT
CBD/BIO DISTRICT
1
23
4
5
6
8 9
7
10
1211
13
1415
16
17
17
17
18
CORE NEW ORLEANS LODGING MARKET
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
14
Magazine St
C a n a l S t r e e t F e r r y
C A J U N Q U E E N
C R E O L E Q U E E N
M I S S I SS
IP
PI
R
IV
ER
Martin Luther King Blvd
Orleans A ve
Basin StElk Pl
Loyola Ave
Howard Ave
Simon Bolivar Ave
Convent
ion
Center
Blvd
Poydras St
Religious St
Tcho
upito
ulas S
t
Andrew Higgins Dr
St. Charles AveCamp St
La Salle St
Canal St
St. Claude Ave
N Rampart St
S Robertson St
Almonaster Ave
Florida Ave
Esplan
ade A
ve
Esplanade Ave
St. B
erna
rd A
ve
N Claiborne Ave
N Robertson St
Annett
e St
Calliope St
Pontchartrain ExpyGreater New Orleans Bridge
N Claiborne Ave
Thalia St
Clara St
Magnolia St
Clio St
S Saratoga St
Erato St
Euterpe St
Terpsichore St
Martin Luther King Blvd
St. Charles Ave
S Rampart St
Carondelet St
Euterpe St
Erato St
Terpsichore St
Race StOrange St
Annunciation St
Perdido St
Gravier St
Freret
La Salle St
S Liberty
Loyola Ct
O’Keefe Ave
Baronne St
St. Joseph St
Union St Comm
on StLafayette St
Girod St
Camp St
Constance St
Tchoupitoulas
St
Commerc
e St
N Peters S
t
Poe D
r
Juila St
Port of
New Orle
ans P
l
Iberville St
Burgundy St
Dauphine St
Bourbon St
Royal StRoyal St
Charters St
Crozat St
Bienville Ave St. Louis StSt. Louis St
Toulouse St
St. Peter St
Orleans St
Dumaine St
St. Philip St
Governor Nicholls St
Barracks St
N Derbigny St
N Robertson St
N Villere St
Marais St
Treme St
St. Claude Ave
Kerlerec St
Columbus St
N Rampart St
Touro
St
Annette
StUrquhart St
St. Anth
ony St
N Villere St
N Roman St
French
men St
Marigny
St
Spain
St
Music S
t
St. Roch
Ave
Cleveland Ave
Laharpe St
W Stadium Dr
Girod St
LaSalle St
N Roman St
N Prieur St
S Johnson St
Ursulines Ave
Govenor Nicholls St
Earhart Blvd
Gravier St
Dumaine St
Piety St
Desire St
Gallier St
Congress St
Independence St
Pauline St
Dauphine St
Royal St
St. Ferdinand St
Decatur St
Port St
Burgundy St
Charles St
N Rampart ST
Louisa St St. Claude Ave
Franklin Ave
St. Ann St
Gravier St
Marigny
St
Mandevi
lle St
Spain
St
Toniti St
Elysia
n Field
s Ave
N Derbigny St
RiverfrontPark
LafayetteSquare
ENERGYCENTRE
AnnunciationSquare
Louis Armstrong Park
JacksonSquare
CabriniPark
10
10
90
90
90
RIVERWALK
NEW O
RLEANS R
IVERWALK
INTE
RNATIO
NAL CRUISE S
HIP TERMIN
AL
LEECIRCLE
LOUISIANASUPERDOME
MAINPOST OFFICE
UNIONPASSENGERTERMINAL
GREYHOUNDAMTRAK
NEWORLEANS
ARENA
CITY HALL
GALLIERHALL
LOUISIANA CHILDREN’S MUSEUM
MAHALIA JACKSON THEATRE FOR THE PERFORMING ARTS
TULANE UNIVERSITYHOSPITAL AND CLINIC
PUBLIC LIBRARY
ST.LOUISCEMETRY NO. 1
ST.LOUISCEMETRY NO. 2
ORPHEUMTHEATRE
PRESERVATIONHALL
GALLIERHOUSE
OLD URSULINECONVENT
FRENCHMARKET
ST. LOUISCATHEDRAL
CAFE DU MONDE
JAX BREWERY
PAN AMERICAN BUILDING
AUDUBON AQUARIUM OF THE AMERICAS
MORIAL CONVENTIONCENTER
ONESHELL
SQUARE
HARRAH’S
USMINT
CIVICCENTER
MOON WALK
SPANISH PLAZA
CONTEMPORARYARTS CENTER
CONFEDERATE CIVIL WARMUSEUM
ORGEN MUSEUM
TULANE UNIVERSITY
ST. PATRICKSCHURCH
3 MI
TREME
FRENCH QUARTER
FAUBOURGMARIGNY
WESTBANK
CBD
BIO DISTRICT
CONVENTIONCENTER DISTRICT
CONVENTIONCENTER DISTRICT
TREME
FRENCH QUARTER
LOWERGARDENDISTRICT
LOWERGARDENDISTRICT
GARDENDISTRICTGARDENDISTRICT
FAUBOURGMARIGNY
WESTBANK
CBD
BIO DISTRICT
CBD/BIO DISTRICT
1
23
4
5
6
8 9
7
10
1211
13
1415
16
17
17
17
18
HOTEL ROOMS
PURCHASEPRICE/ROOM
EST.ALL-IN
PRICE/ROOM
SOLD 2014
1 Country Inn and Suites (add 70 rooms) 155 $190,000 $235,000
2 Pontchartrain Hotel (lifestyle Indep conversion) 100 $190,000 $165,000
3 Staybridge Suites (land lease) 182 $123,000 $150,000
4 Okeefe Plaza (HIE conversion) 100 $85,000 $140,000
5 Quality Inn (Moxy conversion) 110 $85,000 $165,000
6 Whitney (Independent conversion) 92 $115,000 $165,000
Sheraton Four Points (WYN conversion)* 223 $54,000 $67,000
Total 962
NEW SUPPLY 2014 - 2019
7 ACE Hotel 216 N/A $235,000
8 Hyatt House 165 $21,212 $160,000
9 1111 Gravier 185 $29,730 $200,000
10 Oil and Gas Building 185 $37,838 $165,000
11 ALOFT (Mixed Use Development) 200 $180,000
12 NOPSI Building - Luxury 210 $55,238 $225,000
13 Moxy by Marriott 110 $18,182 $165,000
14 Cambria by Choice 165 $26,061 $165,000
15 WTC (Mixed Use) 250 TBD $400,000-$600,000
Total 1686
2015 ON MARKET / UNDER K
16 Le Pavillion (land not included) 216 $275,000 $335,000
17 Hampton Inn Portfolio (mgt. encumbered) 575 $145,000 $165,000
18 Doubletree CBD 367 $240,000 $300,000
*Metairie
Hospitality & Commercial Real Estate Service, Worldwide.Hospitality & Commercial Real Estate Service, Worldwide.
15
• 430 NOTRE DAME STREET • NEW ORLEANS, LA 70130 • 504.569.9483 •
LEONARD VANCE WORMSER (LENNY)Senior Managing Director, Hospi tal i ty Divis ion
Direct : 504.569.9483 | Mobi le: 850.830.4595
lwormser@lat terblum.com
CHRIS R. ROSSDirector, Hospi tal i ty Divis ion
Direct : 504.569.9333
cross@lat terblum.com
SMALLER . . . S IMPLER . . . SMARTER
Hospitality & Commercial Real Estate Service, Worldwide.
HOSPITALITY ADVISORY SERVICES• A BOUTIQUE INVESTMENT ADVISORY FIRM •