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HOTEL NEW ORLEANS_ WILL REFLAG AS FIRST HYATT PLACE IN NEW ORLEANS

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HOTEL NEW ORLEANS_ WILL REFLAG AS FIRST HYATT PLACE IN NEW ORLEANS Powered By Docstoc
					                       HOTEL N EW ORLEAN S,
         WILL REFLAG AS FIRST HYATT PLACE IN N EW ORLEAN S

New ow ner w ill launch major renov at ion t his summer

N ew Orleans, LA (July 18, 2011)— H otel N ew Orleans H oldings, LLC a joint venture
betw een affiliates of H RI Properties and Interw est Capital Corporation, has purchased
the H otel N ew Orleans located across the street from the Ernest N . Morial N ew Orleans
Convention Center and und er a franchise agreem ent w ith an affiliate of H yatt H otels
Corporation, w ill rename the property H yatt Place N ew Orleans Convention Center,
announced Gary Gutierrez, presid ent of H RI Lodging , Inc. FBR Capital Markets acted
as exclusive ad visor to H RI Properties on the transaction.

The eight-story, 170-room hotel w ill und ergo an extensive renovation starting in the
third quarter of 2011 and is expected to be re-brand ed as H yatt Place in the first quarter
of 2012 follow ing the com pletion of the renovation and repositioning of the property,
said Gutierrez.

H otel N ew Orleans w ill be m anaged by H RI Lodging, w hich currently manages the
Chateau Bourbon, A Wynd ham H otel in the French Quarter and H ilton Gard en Inn
French Quarter/ CBD in N ew Orleans. Until the conversion is com pleted, inform ation
about the property is at w w w .thehotelnew orleans.com .

“We are excited about our affiliation w ith the joint venture as w e transform the city’s
first H yatt Place into the one of the m ost d esirable properties in N ew Orleans,” said
Gutierrez. “The hotel’s strategic location d irectly across the street from the N ew Orleans
Convention Center m akes this property the m ost attractive option in the area for
corporate m eetings, executive accom m od ations and cruise ship visitors,” he ad d ed .

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

"The num ber of H yatt Place locations in the U.S. continues to grow , w ith 161 hotels open
tod ay,” said Chris Ivy, senior vice presid ent, real estate and d evelopm ent for H yat t
H otels and Resorts, “and m ore than 30 new properties und er d evelopm ent in the U.S.,
Costa Rica, Ind ia, the N etherland s, Panam a and Saud i Arabia.”
Launched in 2006, H yatt Place brings to the upscale select-service hotel category the
authentic hospitality for w hich H yatt is know n. Inspired by m ultitasking travellers’
24/ 7 lifestyle, H yatt Place com bines stylish d esign and practical am enities w ith for w ard -
thinking technology and purposeful service. H yatt Place hotels feature com plim entary
Wi-Fi access, com plim entary continental breakfast, a StayFit@H yatt fitness center, a
coffee and w ine bar serving specialty coffees and prem ium w ine and beer, and a G rab ’n
Go case stocked w ith freshly m ade sand w iches and salads. Guest Kitchens offer m ad e-
to-ord er breakfast, lunch and d inner entrées around the clock. Specially trained gallery
hosts offer assistance w ith everything from d irections to check -in to a freshly m ad e
m eal.

The hotel opened in 1996 on the site of the Vatican Pavilion of the 1984 World ’s Fair that
transform ed the N ew Orleans riverfront and created the Warehouse District, w hich H RI
Properties pioneered as a resid ential neighborhood .

About HRI Properties
Based in N ew Orleans, H RI Properties (H RI) is a full-service real estate developm ent
com pany and a national lead er in the ad aptive reuse of historic structures. H RI’s mission
is revitalizing cities by creating diverse, vibrant, sustainable com m u nities. For m ore
inform ation, go to w w w .hriproperties.com .

H RI Lod ging ow ns and operates hotel properties in N ew Orleans, LA; Shreveport, LA;
Jackson, MS and Richm ond , VA. H RI hotels includ e restoration of the D.H . H olm es
d epartm ent store in N ew Orleans into the Chateau Bourbon H otel; the King Ed w ard
H otel in Jackson and the Miller & Rhoads d epartm ent store in Richm ond , both of w hich
fly the H ilton Gard en Inn flag. For m ore inform ation, go to w w w .hrilod ging.com .



About Interw est Capital Corporation
Interw est Capital Corporation is a La Jolla, CA based opportunistic investm ent firm that
specializes in the acquisition of perform ing and non -perform ing comm ercial real estate
loans and loan portfolios as w ell as direct real estate investm ents nationw id e. Interw est
ow ns a d iverse portfolio of m ulti-family apartm ent com m unities, m ixed -use retail
centers, boutique hotels and office buildings. A significant portion of the portfo lio
consists of unique historic properties in vibrant dow ntow n subm arkets.

				
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posted:8/13/2011
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