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.
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.