New Markets Tax Credit Investments
Roosevelt HotelNew Orleans, Louisiana
Federal NMTC: $30,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $184 million post-Katrina renovation of the historic Roosevelt Hotel located at 123 Baronne Street in New Orleans, LA.
First Class Hotels, LLC has successfully completed the renovation of the hotel, which features 550 hotel rooms, three restaurants, and 70,000 square feet of meeting and event space. The Roosevelt Hotel is managed by Hilton Hotels and operates under the Waldorf-Astoria brand. It is estimated that the renovation project created over 650 temporary construction jobs and more than 725 new full-time permanent jobs in a census tract with 43.4% poverty rate and 9.1% unemployment rate.
Lauded by the City as one of the cornerstone projects for the post-Katrina recovery, the Roosevelt Hotel is one of New Orleans' most illustrious historic buildings. Designed by the Architectural firm H. C. Koch & Sons in 1908, the building subsequently underwent four expansions between 1908 and 1974. The current renovation project restored a cultural icon to New Orleans, including the hotel's famed Blue Room and legendary Sazerac Bar. Having suffered major damages during Hurricane Katrina in August 2005, The Roosevelt re-opened in July 2009.