Hotel New Orleans will Reflag as First Hyatt Place in New Orleans

FOR IMMEDIATE RELEASE
Media Contact:
Sarah Gagnon
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Tom Long
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HOTEL NEW ORLEANS, WILL REFLAG AS FIRST HYATT PLACE IN NEW ORLEANS
New owner will launch major renovation this summer

New Orleans, LA (July 15, 2011)— Hotel New Orleans Holdings, LLC a joint venture between affiliates of HRI Properties and Interwest Capital Corporation, has purchased the Hotel New Orleans located across the street from the Ernest N. Morial New Orleans Convention Center and under a franchise agreement with an affiliate of Hyatt Hotels Corporation, will rename the property Hyatt Place New Orleans Convention Center, announced Gary Gutierrez, president of HRI Lodging, Inc. FBR Capital Markets acted as exclusive advisor to HRI Properties on the transaction.

The eight-story, 170-room hotel will undergo an extensive renovation starting in the third quarter of 2011 and is expected to be re-branded as Hyatt Place in the first quarter of 2012 following the completion of the renovation and repositioning of the property, said Gutierrez.

Hotel New Orleans will be managed by HRI Lodging, which currently manages the Chateau Bourbon, A Wyndham Hotel in the French Quarter and Hilton Garden Inn French Quarter/CBD in New Orleans, as well as hotels in Shreveport, LA; Jackson, MS and Richmond, VA. Until the conversion is completed, information about the property is at www.thehotelnewoleans.com.

“We are excited about our affiliation with the joint venture as we transform the city’s first Hyatt Place into the one of the most desirable properties in New Orleans,” said Gutierrez. “The hotel’s strategic location directly across the street from the New Orleans Convention Center makes this property the most attractive option in the area for corporate meetings, executive accommodations and cruise ship visitors,” he added.

The hotel features a soaring six-story atrium, lobby level lounge and restaurant, a fitness center, a business center and valet parking.

"The number of Hyatt Place locations in the U.S. continues to grow, with 161 hotels open today,” said Chris Ivy, senior vice president, real estate and development for Hyatt Hotels and Resorts, “and more than 30 new properties under development in the U.S., Costa Rica, India, the Netherlands, Panama and Saudi Arabia.”

Launched in 2006, Hyatt Place brings to the upscale select-service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travellers’ 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Hyatt Place hotels feature complimentary Wi-Fi access, complimentary continental breakfast, a StayFit@Hyatt fitness center, a coffee and wine bar serving specialty coffees and premium wine and beer, and a Grab ’n Go case stocked with freshly made sandwiches and salads. Guest Kitchens offer made-to-order breakfast, lunch and dinner entrées around the clock. Specially trained gallery hosts offer assistance with everything from directions to check-in to a freshly made meal.

The hotel opened in 1996 on the site of the Vatican Pavilion of the 1984 World’s Fair that transformed the New Orleans riverfront and created the Warehouse District, which HRI Properties pioneered as a residential neighborhood.

About HRI Properties
Based in New Orleans, HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI’s mission is revitalizing cities by creating diverse, vibrant, sustainable communities. For more information, go to www.hriproperties.com.

HRI Lodging owns and operates hotel properties in New Orleans, LA; Shreveport, LA; Jackson, MS and Richmond, VA. HRI hotels include restoration of the D.H. Holmes department store in New Orleans into the Chateau Bourbon Hotel; the King Edward Hotel in Jackson and the Miller & Rhoads department store in Richmond, both of which fly the Hilton Garden Inn flag. For more information, go to www.hrilodging.com.

About Interwest Capital Corporation
Interwest Capital Corporation is a La Jolla, CA based financial services firm that specializes in the acquisition of performing and non-performing commercial real estate loans and loan portfolios as well as direct opportunistic real estate investments.