New Markets Tax Credit Investments
Whitehouse HotelNew Orleans, Louisiana
CityScape Capital Group assembled the key tax credit equity financing for the $100 million post-Katrina renovation of the landmark Whitehouse Hotel located at 921 Canal Street in New Orleans, LA.
Whitehouse Hotel, LP has successfully completed the renovation of the hotel, creating over 500 luxury rooms and suites in addition to the hotel's other premier amenities. The Whitehouse Hotel is managed by Marriot/Ritz-Carlton and operates as The Ritz-Carlton, New-Orleans. It is estimated that the renovation project created over 250 temporary construction jobs and more than 700 new full-time permanent jobs in a census tract with 43.4% poverty rate and 9.1% unemployment rate.
Known as the "Crown Jewel of the Crescent City", the Whitehouse Hotel (built 1908) occupies two historic Canal Street buildings in Downtown New Orleans. The Hotel suffered extensive mechanical and infrastructure damages in August 2005 during Hurricane Katrina, necessitating a major renovation. The successful renovation of the Whitehouse Hotel, completed in 2007, marked a key milestone in the recovery of New Orleans and New Orleans' hospitality industry.