A hotel and a movie theater on Corporate Boulevard are both under new ownership following a pair of separate, multimillion-dollar sales recorded at the East Baton Rouge Parish Clerk of Court on Monday afternoon.
Illinois-based Inland American Real Estate Trust Inc. sold the 115-room Homewood Suites by Hilton at 5860 Corporate Blvd. for $13.5 million to Northstar Realty Finance Corp. of New York City and Chatham Lodging Trust of Palm Beach, Florida. As previously reported, the deal is a part of $1.1 billion, 52-hotel portfolio sale. A manager of Homewood Suites confirmed the hotel will undergo renovations, but could not comment on the scope or timeline of construction. Calls to Northstar and Chatham were not returned by this afternoon’s deadline.
In a separate, $8.15 million deal, Metairie-based Tribute Real Estate LLC sold the United Artists Theatre at CitiPlace to Orlando-area National Retail Properties LP, which plans to rebrand the theater as Movie Tavern. There are 19 Movie Tavern locations across the country, with the lone Louisiana location opening in Metairie this summer. The Dallas-based theater chain offers meals and a full-service bar. A Movie Tavern location also was announced in April for the Juban Crossing development in Denham Springs. At that time, developers said that theater would open by the end of the year, but no further announcements have been made about the location since then. —Kelly Connelly
