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1,184-Key Hyatt Regency Under Contract

NEW ORLEANS-Strategic Hotels & Resorts decides to sell the shuttered CBD asset to a local partnership for $32 million. The pass is set to be made by year's end.

By Amy Wolff Sorter | Updated on October 17, 2007

[IMGCAP(1)]NEW ORLEANS-Strategic Hotels & Resorts Inc. has entered into a sales agreement with Poydras Properties Hotel Holdings Co LLC for its 1,184-room Hyatt Regency New Orleans. The $32-million transaction is slated to close by the end of the year.

The 31-story hotel at 500 Poydras Plaza is beside the Louisiana Superdome. The hotel was taken out of service in 2005 due to damage from Hurricane Katrina and never re-opened. According to a press release, the Chicago-based Strategic reached an agreement in August with insurers to settle a $143-million claim, net of deductible.

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