Historic Hotel King Renovation Blends Historic Character with Modern Touches; Project Enabled by $18 Million Tax Credit Investment by National Trust Community Investment Corporation
Vacant Building’s Transformation into Hotel a Triumph for Historic Preservation and Downtown Revitalization - National Trust for Historic Preservation President Celebrates Achievement at Ribbon-Cutting Event
Posted April 13, 2011 | Contact firstname.lastname@example.org or 202-588-6141
Baton Rouge, La. (April 13, 2011)—After a $25 million rehabilitation project, the formerly vacant Hotel King has been reborn as a 93-room hotel within an architectural treasure in the heart of Baton Rouge’s historic downtown. The Hotel Indigo Baton Rouge Downtown, owned by the InterContinental Hotels Group (IHG) and overlooking the Mississippi River, retains much of its historic exterior and interior design.
The National Trust Community Investment Corporation (NTCIC), the for profit subsidiary of the National Trust for Historic Preservation, and its investment partner, US Bank, were a key financing source, investing $18 million in the project. The rehabilitation converted the historic Hotel King, built in the 1920s and later used for government offices, into a unique hotel and lounge that highlights elements of the property’s history and geography to create a unique visitor experience.
NTCIC specializes in federal historic tax credit investments that rehabilitate landmark historic properties nationwide. Since its inception in 2000, NTCIC has invested $412 million in 72 projects, $60 million of which has been directed to five historic real estate projects in Hurricane Katrina-damaged areas of Louisiana.
“NTCIC understands that tourism is an important part of Louisiana’s economy. We have tried to focus our investments statewide on Katrina-damaged properties that, once rehabilitated, can help attract visitors looking to experience the state’s unique cultural and historic assets.” said John Leith-Tetrault, President of the National Trust Community Investment Corporation.
The Hotel King project owner, North American Land Company, and the developer, John Schneider, hosted project supporters and local dignitaries at a ribbon-cutting ceremony and tour today to celebrate the grand unveiling of the hotel, which has been operating since its soft opening in mid-February 2011.
National Trust President Stephanie Meeks offered remarks at the event, praising the owner and developer for utilizing an important piece of Baton Rouge’s past to stimulate its economic development: “The National Trust is proud to support the renewal of a Baton Rouge landmark, one that helps establish the city’s historic core as a vital center for tourism, business, the arts and entertainment.” NTCIC estimates that the project will generate 426 jobs, $1.21 million in state and local taxes, and $12.77 million in household and business income. The City of Baton Rouge recognizes the hotel as a major step forward in the growth of the historic downtown.
Meanwhile, Hotel Indigo Baton Rouge Downtown visitors will enjoy a uniquely Baton Rouge experience, marked by the hotel’s floor-to-ceiling reclaimed pinewood reception wall, 16 distinctive art works highlighting the city’s natural beauty, farm-fresh local cuisine at the hotel restaurant and the wide array of cultural and entertainment offerings just outside their door.
The National Trust for Historic Preservation, a privately funded nonprofit organization, works to save America’s historic places.