On Canal street in Louisiana the 1,036-room Grand Palace Hotel went on the auction block last Tuesday and was bought by Global Asset Alternatives LLC., for $7.5 million. GAA “is expected to take possession of the hotel in about one month, said Jan Hayden, an attorney for Louisiana Worship Hospitality LLC, which has owned the 17-story hotel since 2003.”

The previous owner “Louisiana Worship Hospitality filed for Chapter 11 bankrutpcy protection in January, seeking relief from creditors including one man who holds three loans on the property, Judge Henry Brown of the U.S. District Court for the Eastern District of Louisiana ordered the sale for ‘real property, real property leases and personal property.’ with the exception of a few specified assets, to the highest bidder.”

Here is a link to the full article:
http://www.nola.com/business/t-p/index.ssf?/base/money-2/1191998291267320.xml&coll=1

Michelle