AJ Capital acquires NOLA's Pontchartrain Hotel

The storied Pontchartrain Hotel, on St. Charles Avenue, in New Orleans, has a new owner. Chicag-based real estate investment firm AJ Capital has purchased the hotel with plans to renovate the hotel's 106 rooms and reopen it as a full-service property with the help of a group of local investors, reports NOLA.com.

The purchase price was not disclosed. IberiaBank will provide financing for the $10-million renovation.

Local backers involved in the project include Cooper Manning, brother of NFL quarterbacks Peyton Manning and Eli Manning. As NOLA.com reports, AJ Capital Partners CEO Ben Weprin is a good friend of Manning, who urged him to pursue The Pontchartrain Hotel.

Virtual Event


Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

E. Lysle Aschaffenburg built the Pontchartrain Hotel at 2031 St. Charles Ave. in 1927 as an apartment hotel.

The hotel remained home for long-term residents well into the 1990s.




Suggested Articles

Unless Marriott pays Service Properties Trust $11 million, SVC plans to transition management and branding of 122 hotels to Sonesta.

The company intends to raise $100 million from investors to source mezzanine loan and preferred equity transactions in the hospitality sector.

With the transfer of 103 management and branding contracts, Sonesta's portfolio has more than doubled.