NEW ORLEANS, La. — ERG Enterprises, a New Orleans-based investment company, has announced its partnership in acquiring the Hyatt Regency New Orleans, the largest hotel acquisition in Louisiana history.
Established in 1976, the 32-story Hyatt Regency is the third-largest hotel in New Orleans. Its proximity to the Superdome and Smoothie King Center makes it an attractive destination for events and entertainment.
For the purchase, ERG joins the local ownership team of Gayle Benson and her investment company GMB Properties, and The Berger Co., owned by long-time local developer Darryl Berger. Fulcrum Hospitality, located in New Jersey, is also an investor in the property.
ERG will assume minority ownership in the Regency, which will continue to be managed by Hyatt Hotels. The ownership team will invest $20 million to make enhancements over the next few years.
“First and foremost, we decided to invest in this property because of the partners involved,” says ERG CEO Eric George. “… bringing a hotel of this size and prestige into local ownership is important. It’s also the largest hotel in the city that isn’t dependent on the convention center for its business, which means we control our destiny.”