Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEW ORLEANS-Strategic Hotels & Resorts Inc. has entered into a sales agreement with Poydras Properties Hotel Holdings Co LLC for its 1,184-room Hyatt Regency New Orleans. The $32-million transaction is slated to close by the end of the year.

The 31-story hotel at 500 Poydras Plaza is beside the Louisiana Superdome. The hotel was taken out of service in 2005 due to damage from Hurricane Katrina and never re-opened. According to a press release, the Chicago-based Strategic reached an agreement in August with insurers to settle a $143-million claim, net of deductible.

After the hurricane, Strategic’s CEO Laurence Geller spearheaded a plan to develop a $750-million, 20-acre performance park to be anchored by a National Jazz Center, the Superdome and 30-year-old Hyatt. [IMGCAP(2)]According to local reports, the center hasn’t received serious attention or interest from local and state governments to fund its construction. Geller says architectural plans for the center, designed by architect Thomas Mayne, will be donated to the proposed jazz museum.

“We continue to be great supporters of New Orleans and the Hyatt,” Geller says, “and our wish is that the innovative and revitalizing plans for the Hyatt Jazz District and the National Jazz Center become a reality.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.