People in the hotel business have been buying up properties in New Orleans. They see the Crescent City as a great place to make money.
For buyers, it's a belief that the New Orleans market will only get more profitable.
"We have a robust leisure business, we have a robust convention business which is coming back now through next year, and we have a shortage of supply," said Len Wormser, Senior VP of HREC Advisors. He brokers hotel deals and says it has been busy in New Orleans.
"We sold the Bourbon Orleans for $90 million, around $408,000 a room, plus or minus," he said. "I think that's the highest per-room trade in the history of New Orleans. We sold the Whitney...right around for $16.7 million."
He says investors who want in the New Orleans market are going for existing hotels because there's not much space to build new ones, and even if there were, it takes years to build from scratch.
"Now through Super Bowl, the guys that own hotels in New Orleans, I think they're going to do very, very well," he said.