Partnership Acquires 1,193-Room Hyatt Regency Hotel in Downtown New Orleans
NEW ORLEANS — A partnership has purchased the 1,193-room Hyatt Regency New Orleans and will continue to manage the property as a Hyatt hotel. A partnership between investment company ERG, GMB Properties, The Berger Co. and asset management firm Fulcrum Hospitality purchased the downtown New Orleans hotel for an undisclosed price. The seller was Los Angeles-based Poydras Hotel Holdings Co. The ownership team plans to invest $20 million in capital investments over the next few years. According to ERG Enterprises, the sale represents the largest hotel acquisition in Louisiana history and the first time the Hyatt Regency will fall under local majority ownership. The Hyatt Regency New Orleans is the third-largest hotel in New Orleans and is accessible to sports venues including Mercedes-Benz Superdome and Smoothie King Center. Established in 1976, the 601 Loyola Ave. property occupies a space near the French Quarter and Mississippi Riverfront and features a pool, fitness center and meeting facilities.