Le Pavillon Hotel, a century-old luxury hotel in New Orleans’ Central Business District notable for the tall Italian columns and statues near its Poydras Street entrance, has been sold.
American Financial Group of Ohio said Wednesday that it expected to make about $25 million after taxes from the sale but did not say who the buyer is.
The website nola.com reported that Dallas-based Ashford Hospitality Trust purchased the property; a message left with the company Wednesday wasn’t immediately returned.
The historic property was built in 1907 and originally was known as the Hotel Denechaud.
It’s believed to have featured the city’s first hydraulic elevators and its first basement.
“A history stretching back to the Gilded Age and impeccable décor throughout, Le Pavillon Hotel piques the imagination in a way that even (Napoleon Bonaparte) would applaud,” the hotel’s website boasts.
Known for many years as the De Soto, it was renamed Le Pavillon following an extensive renovation in 1970. The building was added to the National Register of Historic Places in 1991.
The Orleans Parish Assessor’s Office pegged the value of the hotel and land at $19.5 million in 2015, records show. Brothers Property Corp. of Florida, a subsidiary of American Financial, bought the hotel for $6.9 million in 1989.