For the first time in its 43-year history, the Hyatt Regency New Orleans has majority local ownership.
New Orleans Saints and Pelicans owner Gayle Benson and local developer Darryl Berger, along with New Jersey-based Fulcrum Hospitality, acquired the hotel for an undisclosed price. Fulcrum founder Steven Angel is a former managing director of investment bank Goldman Sachs.
With 1,193 rooms, the Hyatt is the largest New Orleans hotel acquisition since the 1,572-room Hilton Riverside sold for $400 million in 2010. Although third in number of rooms in the city, the Hyatt is the largest in terms of meeting space, boasting over 200,000 square feet.
Previous owner Poydras Properties spent over $225 million renovating the property after purchasing it in 2007 for $32 million. The property was shuttered for six years following Hurricane Katrina and reopened in 2011.
While Berger’s hotel interests through The Berger Company include the Windsor Court, the Omni Royal Orleans and the Omni Riverfront, the transaction marks Benson’s first foray into the hotel market. Her holdings include several other pieces of real estate in the area surrounding the Mercedes-Benz Superdome, including Benson Tower and a parking garage. The Hyatt investment is expected to complement the recent surge of development along Loyola Avenue and further enhance the sports-entertainment complex near the Superdome that now includes Champion Square.