Wells Fargo Leads $250M Senior Loan Syndicate for New Orleans Hotel Refi


Wells Fargo led a syndicate of four banks in providing a $250 million senior loan for the refinancing of the Hyatt Regency Hotel in New Orleans, Commercial Observer can first report.

In the same transaction, Square Mile Capital Management provided a five-year, $40 million mezzanine loan on the property, and as previously reported by CO. The hotel, located at 601 Loyola Avenue, was shuttered after being extensively damaged by Hurricane Katrina in 2005.

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The hotel was acquired by funds managed by Ares Management and local real estate investor Chris Robertson for $32 million in 2007 and reopened in 2011, after it was completely reconstructed.

The 1,193-room hotel is located five blocks from the French Quarter and adjacent to the Mercedes-Benz Superdome. The property includes eight food and beverage outlets, a 25,000 square foot leisure pool deck, fitness center and spa.  

A spokeswoman for Wells Fargo and a spokesman for Ares Management declined to comment.