ERG Enterprises, GMB Properties, The Berger Co. and Fulcrum Hospitality bought the 1,193-room Hyatt Regency New Orleans from Poydras Properties Hotel Holdings Co. According to ERG Enterprises, the transaction represents the largest hotel deal in Louisiana history.
The new ownership team plans to invest $20 million in enhancements over the next few years. Hyatt Hotels Corp. will continue to manage the hotel. The ownership team has no plans to reflag.
Except for New Jersey-based Fulcrum Hospitality, the hotel’s new owners are all local groups.
“It was important to all of us to bring this major New Orleans asset back into local ownership and control," ERG CEO Eric George said in a statement. "First and foremost, we decided to invest in this property because of the partners involved. They believed, as do we, that bringing a hotel of this size and prestige into local ownership is important. It's also the largest hotel in the city that isn't dependent on the convention center for its business, which means we control our destiny.”
The 32-story Hyatt Regency New Orleans features 200,000 square feet of meeting and events space, including 80,000 square feet of exhibit space. It also offers eight dining outlets, a spa, a fitness center and a rooftop pool. It is located within short walking distance of the Mercedes-Benz Superdome and Smoothie King Center.