Hotel Indigo New Orleans Garden District | MarketWatch (press release)

RLJ Lodging Trust announced that it has opened its Hotel Indigo New Orleans Garden District. With the opening of this hotel, RLJ has completed its seventh and final brand conversion that was planned as part of its comprehensive 2011 and 2012 capital program.

The hotel operated as an independent hotel until it was closed in 2008. RLJ purchased the distressed hotel in 2010 for $6.4 million. After an extensive $16.9 million renovation, the property reopened as a 132-room Hotel Indigo. The all-in price of $23.3 million, or approximately $177,000 per key, represents a significant discount to replacement cost...

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