The McEnery Company was engaged by a private client to appraise the historic Jung Hotel & Residences located in the Central Business District of New Orleans, Louisiana at 1500 Canal Street. The original structure is of Weiss and Dreyfus design and completed the Renaissance and Baroque style hotel in the early 1920s. An 18-story addition was completed in 1928, giving the structure its unique two-tower design. In 1982, the Jung was added to the National Register of Historical Places. From 1971 through 2012, the hotel was primarily vacant, and presented an abandoned eyesore in the CBD. Developer Joe Jaeger purchased the building in 2012 with a vision of revitalizing the previously neglected property. Today, the Jung sits as a historic mixed-use facility with 207 guest rooms, 111 residences, 496 car parking garage, event space, retail space, and food and beverage outlets.
The McEnery Company performed an exhaustive survey of competitive hotel properties within the local market area with detailed and intensive analysis of Average Daily Rates, Occupancy Levels, and REVPAR figures. Additionally, a stabilization analysis was performed as a result of the weakened market due to the COVID-19 pandemic.