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Article: Strategic Hotels & Resorts Closes Sale of Hyatt Regency New Orleans.
- Article from:
- PR Newswire
- Article date:
- January 10, 2008
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CHICAGO, Jan. 10 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. , announced today that the company closed on the previously announced agreement to sell Hyatt Regency New Orleans to Poydras Properties Hotel Holdings Co., LLC, effective December 28, 2007. Under the terms of the agreement, Strategic Hotels & Resorts sold the property to Poydras Properties Hotel Holdings for a sales price of $32 million. The sales price was composed of $23 million in cash, a $6 million 10% interest bearing promissory note due March 31, 2008 and a $3 million non-interest bearing promissory due in 6 years.
In connection with the closing, the company resolved business ...