Baton Rouge, La., Feb 14 — Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $40.5 million sale of the Hilton Baton Rouge Capitol Center, a 291-room hotel in Baton Rouge, Louisiana.
“This was a complex, year-long transaction involving multiple stakeholders and a nationally recognized riverfront asset,” said Chase Dewese, senior director of investments with Marcus & Millichap. “The hotel is one of downtown Baton Rouge’s most prominent hospitality properties, and the new ownership is well positioned to advance a targeted repositioning and operations strategy in a Louisiana State University-anchored market.”
Dewese, along with Jack Davis and Joce Messinger of Marcus & Millichap, in association with Steve Greer, Marcus & Millichap’s broker of record in Louisiana, exclusively represented the buyer, Northshore Development, based in Orlando, Florida. “The Hilton Baton Rouge Capitol Center is a wonderful, historic property, and we are excited to bring the best service and experiences to our guests,” said Franz Hanning, Northshore Development CEO.
The hotel overlooks the Mississippi River from the City Center in Downtown Baton Rouge. Louisiana’s Old State Capitol is two blocks away and The Louisiana Art and Science Museum, Shaw Center, Raising Cane’s River Center, and The Central Green are nearby.