The McEnery Company was recently engaged to appraise Brennan’s, a landmark French Quarter restaurant located in a prime stretch of Royal Street. The subject property includes nine distinct seating areas, including a 100-person courtyard, offering the operational flexibility to host both regular diners and private events simultaneously. Our valuation approach began with a stabilized market value conclusion supported by comparable rental data from the subject’s immediate area. To further ground our analysis, we benchmarked Brennan’s historic gross revenues, both pre- and post-COVID, against market-derived rental thresholds for upscale restaurants, providing a cross-check for market rent affordability.
While the market was impacted by a widespread economic disruption in 2020 and 2021, the property’s exceptional location on Royal Street, directly across from the Louisiana Supreme Court and within walking distance of Jackson Square, remains a powerful driver of marketability and long-term value. A rent loss deduction was applied to reflect near-term market conditions; however, the subject’s enduring appeal, high-end build-out, and location on one of the most sought-after blocks in the French Quarter help mitigate long-term risk. This assignment reflects our ability to value income-producing, hospitality-oriented properties with sensitivity to both real estate fundamentals and operating business dynamics.