Dallas-based real estate investment trust Ashford Hospitality Trust has entered into a franchise agreement with Marriott International to convert the 226-room Le Pavillon Hotel in New Orleans to a Tribute Portfolio property, Ashford announced Friday.
The hotel will be converted in the first quarter of 2024. Remington Hospitality will continue on as the property’s manager.
In the conversion, the hotel will adopt a distinctive theme and style, according to Ashford Hospitality Trust, “that is commensurate with the distinctive premium brand Tribute Portfolio product.”
The planned redesign will be themed “Turning History on its Head,” and will aim to highlight New Orleans’ history. The revamp will upgrade the restaurant, guest rooms, bathrooms and corridors, as well as the hotel lobby bar. The red-and-orange color scheme of the new “Sazz Bar” will be inspired by the classic New Orleans cocktail the Sazerac.
Rob Hays, president and CEO of Ashford Hospitality Trust, said he expects the property’s conversion to “elevate the hotel into a desirable niche in the very attractive New Orleans market.”
“We remain focused on maximizing the value of our assets and look forward to realizing an enhanced financial performance from this property post conversion,” Hays added.
Ashford Hospitality Trust projects the property will garner at 10% to 20% RevPAR premium post-conversion, as compared to stabilized RevPAR pre-conversion.
Le Pavillon Hotel is adjacent to New Orleans’ French Quarter and four blocks from historic Bourbon Street. Originally built in 1907, the hotel is a member of Historic Hotels of America.
The Tribute Portfolio consists of independent and boutique hotels in Marriott’s distinctive premium brand segment. There are 85 hotels across nearly 30 countries and territories in the portfolio.