Hyatt French Quarter Debuts $18 Million Renovation

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Hyatt Hotels Corporation and the owner of Hyatt French Quarter, a joint venture between Carey-Watermark Investors and HRI Properties recently announced the opening of Hyatt French Quarter in New Orleans. This marks the third Hyatt hotel to enter the New Orleans market within the last year.

Hyatt French Quarter connects the downtown Central Business District with the French Quarter, providing both business and leisure travelers with a luxurious and convenient location in The Big Easy.

Hyatt French Quarter will remain a cornerstone property in the city's most popular neighborhood, capturing the old world charm of New Orleans in a modern setting. The hotel is the newest addition to a collection of 28 Hyatt brand properties worldwide.

"The location is outstanding being only steps away from world-renowned restaurants and most of the city's main attractions," said Larry Daniels, general manager, Hyatt French Quarter. "We expect to see a variety of guests from the business traveler to families to the young professional visiting New Orleans and look forward to them staying with us."

The $18 million renovation included upgrades to the hotel's 254 guest rooms, as well as the hotel exterior, lobby, landscaping and pool and deck area décor. Newly designed food and beverage outlets will include a bodega-inspired market called Powdered Sugar and Batch, an upscale lounge that will feature high-quality bourbons, fresh accompaniments, and flask service.

The popular and award-winning Red Fish Grill, owned and operated by Ralph Brennan Restaurant Group, is also part of the Hyatt French Quarter amenities. In addition, it was recently announced that The Hard Rock Café will be leasing approximately 10,000 square feet of space residing within Hyatt French Quarter. The restaurant plans on opening in early 2013.

"We are very excited and proud to welcome Hyatt into the French Quarter," said Gary Gutierrez, President of HRI Lodging, Inc. "The brand is admired internationally for its customer service, valuable amenities and for creating unique guest experiences. As part of the HRI Lodging management team, we look forward to working with Hyatt in this new venture."

Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey & Co. LLC (NYSE: WPC) and Watermark Capital Partners, LLC advise the REIT and manage its overall portfolio.

Founded in 1982 and based in New Orleans, Louisiana, HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures.