DENVER-BASED STONEBRIDGE Cos. has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel. Navin Dimond is Stonebridge Cos.’ founder and CEO.
The company bought the full-service Embassy Suites on Julia Street for an undisclosed amount in partnership with Walton Street Capital LLC. It is the first property Stonebridge owns in New Orleans. The hotel is located near the Ernest N. Morial Convention Center, and other nearby attractions include Mercedes- Benz Superdome, Smoothie King Center, Outlet Collection at Riverwalk and the Port of New Orleans Cruise Ship Terminal.
Amenities include a fitness center, an outdoor pool, free breakfast, complimentary drinks and appetizers nightly, an on-site restaurant, a 24-hour business center and more than 8,000 square feet of function space.
“Acquiring the Embassy Suites New Orleans Convention Center showcases our company’s continued growth and commitment to being recognized as an industry leader in hotel development, ownership and management,” Dimond said.
Stonebridge owns 60 hotels throughout the U.S., including two other Embassy Suites properties. It also developed the 114-room SpringHill Suites in Pullman, Washington, that was built using modular building techniques.
Walton Street Capital is a private equity real estate investment firm based in Chicago.