DALLAS, Nov. 21,
2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") announced today the
conversion of its 226-room Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio
property. Marriott's Tribute Portfolio is a growing global family
of characterful, independent hotels drawn together by their passion
for captivating design and their drive to create vibrant social
scenes for guests and locals alike.
The property recently completed a $19
million renovation which included extensive exterior work,
upgrading the restaurant, guestrooms, guest bathrooms, corridors as
well as a reimagined hotel lobby bar. The new lobby bar, Bar 1803,
draws inspiration from the rich history of Le Pavillon and New
Orleans, honoring the year Emperor Napoleon signed the
Louisiana Purchase. Legend has it Napoleon conceived the idea while
soaking in a marble bathtub filled with rose water – one of which
(perhaps the very one) resides in one of our suites.
The bar's design showcases this heritage with a striking image
of Napoleon and a lenticular art piece capturing two sides of the
French icon: a 'serious' Napoleon and a 'spirited' one. This
playful nod reflects New Orleans'
French roots and vibrant culture. Inspired by the amber hues of
iconic NOLA cocktails, Bar 1803 blends history, elegance, and the
unmistakable spirit of New Orleans
into an unforgettable experience, paying tribute to the city's
enduring legacy and the hotel's storied past.
Located in the heart of downtown New
Orleans on historic Poydras Street, the 226-room Le Pavillon
Hotel is known as the "Belle of New
Orleans." It sits adjacent to the historic French Quarter,
is located only four blocks from the celebrated music clubs of
Bourbon Street and is close to the famous restaurants and antique
shops of Royal Street. Originally the site of one of the area's
first great plantation homes, the Le Pavillon Hotel was built in
1907 and is a member of Historic Hotels of America.
"We are thrilled to announce the successful conversion of this
iconic property to Marriott's Tribute Portfolio," said Stephen Zsigray, President and Chief Executive
Officer of Ashford Trust. "With its prime location near key demand
drivers in downtown New Orleans,
this transformation positions the hotel to stand out as a premier
destination in the vibrant New
Orleans market. We expect that completing this conversion
ahead of Super Bowl LIX and Mardi
Gras will position the property for an exceptional start to
2025. This milestone reflects our commitment to maximizing asset
value, and we are confident it will drive enhanced financial
performance for this property."
Tribute Portfolio hotels participate in Marriott Bonvoy™, the
global travel program from Marriott International. The program
offers members an extraordinary portfolio of global brands,
exclusive experiences on Marriott Bonvoy Moments and unparalleled
benefits including free nights and Elite status recognition. To
enroll for free or for more information about the program, visit
MarriottBonvoy.marriott.com.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the federal
securities regulations. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as "may,"
"will," "should," "potential," "intend," "expect," "anticipate,"
"estimate," "approximately," "believe," "could," "project,"
"predict," or other similar words or expressions. Additionally,
statements regarding the following subjects are forward-looking by
their nature: our business and investment strategy; anticipated or
expected purchases, sales or dispositions of assets; our projected
operating results; completion of any pending transactions; our plan
to pay off strategic financing; our ability to restructure existing
property-level indebtedness; our ability to secure additional
financing to enable us to operate our business; our understanding
of our competition; projected capital expenditures; and the impact
of technology on our operations and business. Such forward-looking
statements are based on our beliefs, assumptions, and expectations
of our future performance taking into account all information
currently known to us. These beliefs, assumptions, and expectations
can change as a result of many potential events or factors, not all
of which are known to us. If a change occurs, our business,
financial condition, liquidity, results of operations, plans, and
other objectives may vary materially from those expressed in our
forward-looking statements. You should carefully consider this risk
when you make an investment decision concerning our securities.
These and other risk factors are more fully discussed in the
Company's filings with the SEC.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We will not publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or circumstances, changes in expectations or
otherwise except to the extent required by law.
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SOURCE Ashford Hospitality Trust, Inc.