535 Tchoupitoulas Street, New Orleans, LA
Arguably America’s most unique city, New Orleans often triggers in its visitors demand for equally unique lodging options. When New York-based GB Lodging and its partners opted to acquire the Ambassador Hotel in 2013, they intended upon retaining its unconventional elements while updating its décor and amenities. The relaunched hotel, dubbed the Old No. 77, situates upscale, contemporary lodging within an inimitable collection of 19th and early-20th century buildings.
GB Lodging hired CGC to apply for and monetize the state historic tax credits generated by this $33 million project. Directed by the Louisiana Division of Historic Preservation to prepare four sets of historic preservation certification applications – reflecting the past commercial associations of the six individual buildings comprising the Old No. 77 – CGC secured eligibility for state credits and approval of the proposed design without any conditions attached.
Shepherding the project through the Louisiana Department of Revenue’s exacting review process, CGC had over $11 million classed as Qualified Rehabilitation Expenses. CGC marketed the resulting credits and secured an above-market price for its client, who received nearly $2.3 million in sale proceeds in February 2016.