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.

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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.




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