News for the Hospitality Executive
AREA Property Partners, formerly Apollo Real Estate Advisors,
Undertaking a Multimillion Redevelopment of the 1,193-room Hyatt Regency
New Orleans, Shuttered Since Hurricane Katrina
CHICAGO - July 9, 2010 - Hyatt Hotels Corporation (NYSE: H) announced today that Poydras Properties Hotel Holdings, a hospitality venture that includes AREA Property Partners, Poydras Hotel Members LLC, and a subsidiary of Hyatt, plans to reopen the 1,193-room Hyatt Regency New Orleans. In preparation for its anticipated fall 2011 opening, the hotel plans to undergo a multi-million dollar redevelopment to include comprehensive meeting and food and beverage opportunities for business and leisure guests.
“We are very proud to be part of the redevelopment of the Hyatt Regency and of the ongoing economic revitalization of New Orleans”
AREA Property Partners and Poydras Hotel Members LLC acquired the hotel in December 2007 and are collaborating to completely redevelop this destination located adjacent to the Louisiana Superdome and to support the revitalization of the surrounding area.
The transformation and reopening of Hyatt Regency New Orleans are part of an economic development plan designed by the New Orleans Regional Planning Commission and New Orleans Downtown Development District to revitalize New Orleans’ Central Business area over the next several years. Immediately upon opening, Hyatt Regency New Orleans will be in position to headquarter upcoming major national sporting events planned for the city.
In addition to its contemporary guest rooms, the hotel will have 53 suites, and after its redesign, the hotel’s 200,000 square feet of meeting and exhibit space will include two 25,000 square-foot ballrooms, 80,000 square feet of exhibition space, 60 banquet and meeting rooms, and an executive meeting level. The expansive food and beverage offerings will include a 350-seat, full-service restaurant with private and semi private dining rooms; a 210-seat media/action bar with private and semi-private lounges; a 70-seat atrium bar; a 2,000 square-foot full service coffee bar; a 24-hour convenience store featuring fresh food items; and a 7,600 square-foot specialty restaurant.
“We are thrilled with the plan to reopen Hyatt Regency New Orleans and bring Hyatt’s authentic hospitality back to the city,” said Chuck Floyd, chief operating officer, North American operations, Hyatt Hotels Corporation. “With over two years of comprehensive market research, we believe our redevelopment will provide a product that meets the needs of all our guests. This hotel was a popular New Orleans destination for business and leisure travelers prior to Hurricane Katrina and with the exciting development plans for the city in place - 2011 marks the perfect time to welcome back our guests. This equity investment reflects our strategy to invest in key markets and projects that are important to our guests.”
“We are very proud to be part of the redevelopment of the Hyatt Regency and of the ongoing economic revitalization of New Orleans,” said Lee Neibart, global chief executive officer of AREA Property Partners. “This property will play an integral role in continuing to attract business and leisure visitors to the city.”
First opened in 1976, the hotel became one of the most visual representations of Hurricane Katrina’s aftermath. Before it closed in December 2005, the hotel served as a primary support location for state, local, and federal agencies during one of the most difficult times in the city’s history.
“We are pleased to be part of bringing travelers back to Hyatt Regency New Orleans at such an important time for the city,” said Chris Robertson, managing member of Poydras Hotel Members LLC. “We see the reopening of this property as the perfect complement to New Orleans' plans for the Central Business District, and we look forward to offering guests the excellent service that Hyatt provides.”
About AREA Property Partners
About Hyatt Hotels Corporation
|Also See:||Michael O. Smith, GM of the Hyatt Regency New Orleans, Stood Tall in the Chaos All Around Him / December 2005|
|Strategic Hotels & Resorts Completes Sell of the 1,184-room Hyatt Regency New Orleans to Poydras Properties Hotel Holdings Co. for $32 million / January 2008|
|Strategic Hotel Capital Estimates Hyatt Regency New Orleans Losses Due to Storm Damage and Lost Business Could Exceed $100 million; Discussing Public/private Partnership for the Renovation of the Hotel and its Immediate Neighborhood / October 2005|