1974 Press Photo International Hotel, New Orleans to obtain a $12.3 million loan

Baton Rouge- Unusual appraisal procedures, such as inclusion of a $2.6 million "entrepreneur's profit" not normally included in appraisals, were apparently responsible for enabling the owners of the International Hotel in New Orleans to obtain a $12.3 million loan from the State Employees Retirement System. The $2.6 million item was included in an appraisal done on behalf of the 17-floor, 375-room hotel, which opened August 11, 1973, but not in a review of that appraisal done for the retirement system.

Photo is dated 1974.

Photo measures 8 x 10.25 inches.