Texas-based hotel development firm NewcrestImage has purchased the 13-story building at 1600 Canal St. in the Central Business District, with plans to develop the property into the area’s first dual-Marriott branded hotel, the company said Thursday.

The price was not disclosed.

The building was constructed in 1960 but has been vacant since Hurricane Katrina hit in 2005.

Plans call for a major renovation to house a 105-room TownePlace Suites by Marriott and 78-room SpringHill Suites by Marriott.

The dual hotel, which is expected to open by late 2016, will be the first property in the country to combine the two brands in one building, the company said.

The two hotels will share amenities, including a single lobby, registration desk, breakfast area and bar.

A single management and sales team will run the hotels, which will share housekeeping staff.

The building’s rooftop will be transformed into an 8,000-square-foot garden overlooking Canal Street.

The building will feature an outdoor bar, exercise room and guest laundry. The entire building will include 130,000 square feet of finished space.

“Having two hotels in one building offers us the advantage of lower costs for real estate, construction and operations, plus we will have a wider audience for our marketing initiatives,” NewcrestImage Chairman and CEO Mehul Patel said in a statement.

The building was sold by 1600 Canal LLC.

In 2013, 1600 Canal LLC bought the property from the University of New Orleans Foundation, a nonprofit arm of the Lakefront school, for $1 million, property records show.

NewcrestImage operates 16 hotels and has another 12 properties in various stages of development. Last month, it sold the AC Hotel New Orleans to an affiliate of a California-based Pacific Hospitality Group.