LAFAYETTE, La. — The former Garden Plaza Hotel & Conference Center in north Lafayette has been sold and will be converted into over 200 apartment homes later this year, according to our media partners at The Advocate.
Covington-based Servio Capital and other investors bought the 244-unit hotel that served as one of three full-service hotels in the Lafayette area, but had gone into foreclosure last year when hotels struggled during the coronavirus pandemic, the newspaper reports.
According to the Advocate, the purchase is among several across the country that have either gone into foreclosure or sold at a discounted rate as a result of the pandemic.
The group, CPR Holdings, bought the property at 2032 NE Evangeline Thruway from Home Bank for $2.4 million from the bank after it went into foreclosure in November under the previous owner, Golden LA Properties, records obtained by the Advocate show.
The group hopes to convert the one-time Holiday Inn hotel into 217 units without using low-income tax credits and utilize it as workforce housing for employees at Amazon or the yet-to-be announced PPE manufacturer in Broussard, which could feature at least a combined 1,000 workers.
You can read the full article here.
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