https://www.theadvocate.com/new_orle...f6e786a2d.html

New Orleans Saints and Pelicans owner Gayle Benson is purchasing the Hyatt Regency Hotel near the Mercedes-Benz Superdome, adding another piece of marquee downtown real estate to the growing portfolio of Benson-controlled buildings in the area.

The deal, which is set to close Friday, puts the Hyatt in local hands for the first time in its 43-year history and follows a multimillion-dollar renovation of the hotel that began in 2010. The terms of the deal were not disclosed, but comparable recent hotel sales suggest the purchase price could be around $300 million.

Benson is buying the hotel along with two partners, longtime local developer Darryl Berger, whose interests via the Berger Co. include the Windsor Court, Omni Royal and Omni Riverfront hotels, and New Jersey-based hotel asset management firm Fulcrum Hospitality.

Sale of the 1,193-room Hyatt is the largest hotel transaction in New Orleans since the 1,572-room Hilton Riverside sold for $400 million in 2010.

The Hyatt is the third-largest hotel in the city after the Hilton and the 1,333-room Marriott, but it is the largest in terms of meeting space, with more than 155,000 square feet, according to consulting firm STR, which tracks hotel industry data.

The new owners plan to keep Hyatt Hotels as the management company. They also plan to spend about $20 million in the next few years on improvements, but noted that the hotel was completely renovated after it was bought by Poydras Properties in 2010.