The Fairlane was a former Homewood Suites hotel that was converted into an apartment complex in the suburban Covington area of New Orleans, near Metairie. The hotel was one of many in the area that was permanently shuttered in the wake of the coronavirus pandemic, which all but halted budget business travel.
But developer Kupperman Companies and its investment partner saw an opportunity to repurpose the complex. They purchased the property and successfully transformed it into an 86-unit apartment complex called The Fairlane. According to the developer, the project helps address the growing need for affordable housing in suburban and exurban areas such as Covington.
The former Homewood Suites was well-suited for its new role as the hotel had bedrooms as well as in-suite kitchens and a living area, as the kind of property that catered to extended-stay business travelers.
For its impact in demonstrating how adaptive re-use can help provide a source of affordable housing, the redevelopment has earned a 2024 CoStar Impact Award, as voted on by local judges with knowledge of the market. Occupancy commenced in April 2023, and the property is currently less than 10% vacant.
About the Project: Kupperman Companies and SL Capital Group acquired the former Hilton Homewood Suites Covington in 2022 and redeveloped it into The Fairlane. King & Crown was the interior designer and Key Real Estate is the management firm.
What the Judges Said: "This project is impactful because it converted a hotel into efficiency apartments, addressing the need for housing in the area. The high occupancy rate shortly after move-ins began indicates strong demand and success in meeting the community's housing needs," said Eli Gunesebakan, Commercial Sales & Leasing, NAI Latter & Blum.
They Made it Happen: Zachary H. Kupperman is the founder and CEO of Kupperman Companies. Lacey Mangerchine of Key Real Estate was the property manager who helped to facilitate the redevelopment.