IHG Honors Holiday Inn Express New Orleans with 2013 Renovation Award

Laurus Corporation, a U.S.-based private real estate investment and development firm, is pleased to announce that the Holiday Inn Express New Orleans has received the InterContinental Hotels Group (IHG) 2013 Renovation Award for its successful completion of major modernization and renovation programs during the past year.

In March 2012, Laurus Corporation acquired the 130-room lodging establishment, implemented a $2.7 million renovation program and rebranded the facility as a Holiday Inn Express. The renovations included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Additionally, a new management agreement was executed with Expotel Hospitality, a management company to improve overall guest satisfaction and performance.

Operating nine hotel brands, IHG is one of the world's leading hotel companies. The Renovation Award recognizes major modernization projects that have significantly improved hotel properties. The awards were presented to representatives from each company at the 2013 IHG Americas Investors & Leadership Conference on October 28, 2013 in Las Vegas, Nevada.

"We are thrilled to accept such a prestigious award for our renovations of the Holiday Inn Express," said Andres Szita, Co-founder and Chairman of Laurus Corporation. "The complete rejuvenation of the property enhanced the overall guest experience, bolstered the hotel's brand as well as increased the asset's performing value."

Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.