Chicago-based AJ Capital Partners purchased the old Pontchartrain Hotel on St. Charles Avenue last week, according to an article on Nola.com.
The new owners are apparently planning to renovate and rebrand the 106 key hotel into a full service hotel.
Iberiabank is providing financing for the $1o million renovation.
AJ Capital Partners also teamed up with Cooper Manning, and several other local New Orleanians.
Local backers involved in the project include Cooper Manning, the eldest son of former Saints quarterback Archie Manning and a partner at Howard Weil, a New Orleans energy investment firm.
According to the hotel’s website, the hotel was built in 1927 and named after the Count de Pontchartrain, a member of Louis XVI’s court, The Pontchartrain Hotel is a New Orleans treasure. The historic 14-story Garden District hotel has welcomed Hollywood stars including Tom Cruise, Nicholas Cage, Naomi Campbell, ZsaZsa Gabor, Frank Sinatra, Ronald Reagan, and Walt Disney, as well as prominent New Orleanians such as famous author Anne Rice, Sears and Roebuck heiress Edith Stern, and Frankie Besthoff, whose family co-founded the K&B drugstore chain.
The hotel renovations will include remodeling of the historic Bayou Bar, the Caribbean Room and The Silver Whistle, all iconic food and beverage destinations at the hotel.