Hotel Co-Owned By Local Firm Gets Hyatt BannerWednesday, March 28, 2012
A New Orleans hotel co-owned by La Jolla-based Interwest Capital Corp. has been rebranded and reopened as Hyatt Place, according to a statement from Chicago-based Hyatt Hotels Corp.
A hotel spokeswoman said March 27 that the 170-room hotel was acquired in 2011 by Interwest and HRI Properties of New Orleans. The two formed a joint venture known as Hotel New Orleans Holdings LLC. The acquisition price was not disclosed.
The former Hotel New Orleans was acquired from the entity that runs the New Orleans convention center. Hyatt said in the March 21 statement that the hotel is the first Hyatt Place in the New Orleans market and the 165th nationwide.
The business-focused Hyatt Place format has features such as Wi-Fi access, remote printing capabilities and other 24-hour services.
Interwest owns a nationwide portfolio of apartment communities, mixed-use retail centers, boutique hotels and office buildings. A large portion of the portfolio includes historic properties in vibrant downtown submarkets, the statement said.