In the 1st Quarter of 2021, the McEnery Company was engaged to perform an appraisal of a landmark hotel in New Orleans’ CBD. Due to a confidentiality agreement, we cannot disclose the details of this property. However, we can note that the appraisal concluded an opinion of market value for a 294-key hotel with a parking garage during an unprecedented period of contraction in the lodging industry. This decline was attributable to the COVID-19 pandemic and the accompanying shelter-in-place and travel restrictions, which caused a sudden and dramatic decrease in demand for hotel rooms.
