A local group of investors purchased the Best Western Magnolia Manor in Port Allen this month, according to Marcus & Millichap, real estate investment firm.
“The Buyer is a local group of investors who are purchasing their first hotel. They were drawn to this opportunity due to the proximity to downtown Baton Rouge as well as a history of proven performance,” David J. Altman, Senior Associate and Director of the National Hotel Group said. “This trade shows that there is a healthy appetite for hotel properties throughout Louisiana and the southeastern United States. This transaction also demonstrates that hotel financing is available, even for first-time hotel buyers.”
Om Maa Om, LLC purchased the 100-room hotel for nearly $4 million on Tuesday, May 7, according to court records. The former owner, Laxmi Vishnu Hospitality, operated the hotel for over 15 years. The hotel recently completed a brand-mandated renovation.
The Best Western Magnolia Manor is located at 234 North Lobdell Highway, directly off Interstate 10.