2-Phase Sealed Bid Auction!
Historic Royal Cosmopolitan Hotel Property
121 Royal St., French Quarter, New Orleans, LA 70130
NON-BINDING INITIAL BIDS DUE TUES. SEPT. 11TH
Winning bidder will have 60 days for inspections and in-depth due diligence
– Potential Boutique Hotel, Condos, or Mixed Use
– 5 1/2 Story Historic Hotel Circa 1892
– One of the last French Quarter Hotel Sites
– Recent Zoning for 13 Story Tower
– Plan for 98+ Rooms
– State & Federal Tax Credits
– 1 Block off Bourbon & 1/2 block off Canal
– 2017 N.O. Visitors 17.74 million (NOCVB)
– New Intl. Airport Complete 2019
– The 100 block of Royal Street has some of the highest foot traffic in the French Quarter as visitors walk to the Royal Street hotels, restaurants, and antique shops.
The original building was constructed in 1892 as the Cosmopolitan Hotel and later becoming the Astor Hotel in 1925. The original hotel extended from Royal Street to Bourbon Street. The current building is located on Royal Street and extends 160 towards Bourbon Street and is 44 feet wide with an offset in the rear. The original building is a five-story masonry building with a rear cast iron facade which is in good repair. The rear ballroom portion of the building has collapsed over the years, however, many of the decorative structural elements have been preserved and could be used in the reconstruction.
The historic front building has been nominated for the National Register and can be restored back to the original condition both inside and out. This portion of the construction is eligible for both State and Federal Historic Tax Credits.
The property will be offered in a 2-stage sealed bid offering. Bidders will submit non-binding indicative initial offers along with resumes showing experience developing and managing similar projects and proof of financial capabilities to consummate the purchase. Seller reserves the right to select an Initial Bid or ask for a Best & Final round of Bidding. Winning bidder will have 60 days to conduct inspections, meet with architects, engineers, and conduct studies. Bidder may withdraw or modify bids during the inspection period.
In cooperation with SVN Interstate Auction
SVN Gilmore Auction & Realty Co.
D. Gilmore | LA Lic# 447
Francis Braud, Broker
All SVN Offices Independently Owned and Operated
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