Stone Pigman Assists Client in the Purchase of a Historic Hotel in Downtown New Orleans
An affiliate of Pacific Hospitality Group, a California based hotel management and investment company, purchased the AC Hotel New Orleans. The eight-story, 220-room hotel is located in the historic Cotton Exchange building in downtown New Orleans. The New Orleans Cotton Exchange was founded in 1871 as a central forum where people involved in the cotton business could obtain information about market conditions and prices. In 1883, the exchange built a five-story building at the Carondelet Street site, and the existing building was built on the site in 1921. The property consists of two separate structures that have since been connected.
Pacific Hospitality Group owns and operates properties in Napa Valley, Santa Barbara and southern California, and the purchase of the hotel was the first outside of California. This hotel was the first AC Hotel to open in the U.S. The European brand, which is owned by Marriott, operates in Spain, Italy, Portugal, Denmark, Turkey and France and has since expanded in the U.S. with locations in Kansas City, Washington D.C., Chicago and Miami Beach.
Stone Pigman represented the Pacific Hospitality Group in the acquisition of the hotel and assisted with corporate, intellectual property, tax and employment issues in connection with the purchase. Michael Schneider led the firm's efforts in the acquisition.