The Sonesta Extended Stay hotel near the Ernest N. Morial Convention Center has been sold for $29 million, adding to a growing list of New Orleans hotel transactions that point to a big slump in commercial property values across the city.
The three-story property at 345 St. Joseph St., which has 231 rooms along with an outdoor swimming pool and tennis courts, was sold by a unit of Service Properties Trust, a Massachusetts-based real estate investment trust, according to court records.
Public records show the hotel was bought by a Delaware-registered entity owned by a California company. Sale documents were signed on behalf of the buyer by an individual named Laxmi Mehta, whose role and connection to the purchasing entities are not clear from public filings…