Project King has sold the Hotel Indigo Baton Rouge (La.) Downtown to A&R Development Co. Cushman & Wakefield’s Jesse Lastofsky, David Greenberg, Gabriel Shamay, Chris Passeggiata, Rick Redmond, Ely Silverstein and Craig Hey represented the seller. Other terms of the transaction were not disclosed.
The Hotel Indigo is a seven-story, 93-room property. Extensive renovations were completed last year. The 46,676-square-foot hotel offers an on-site fitness center, a full-service restaurant and bar, complimentary Wi-Fi, pet-friendly accommodations and other amenities for guests’ convenience.
The Baton Rouge market, Lousiana’s capital district, has government, educational and cultural institutions and is close to major highways including Interstate-10 and Interstate-110. The Hotel Indigo is steps from historic Downtown Baton Rouge, the Mississippi Riverfront and key landmarks including the Old State Capitol and Louisiana State University.
“The sale of Hotel Indigo Baton Rouge Downtown highlights a compelling value opportunity, having closed at a significant discount to the capital previously invested in the asset,” Lastofsky said in a statement. “With a prime location in the heart of downtown Baton Rouge and a buyer from out of state, the transaction underscores confidence in the market’s long-term potential and presents substantial operational upside through targeted improvements.”