Strategic Hotels to sell Hyatt Regency New Orleans for $32 mln

Oct 17 (Reuters) - Strategic Hotels & Resorts Inc (BEE.N) said it agreed to sell the Hyatt Regency New Orleans to Poydras Properties Hotel Holdings Co LLC for $32 million.

Of the deal amount, $3 million is in the form of a promissory note payable in six years, the company said in a statement. The transaction is scheduled to close by year end.

Strategic Hotels acquired the Hyatt Regency New Orleans in 1997. The property was taken out of service after it sustained significant damage from Hurricane Katrina in August 2005. (Reporting by John Tilak in Bangalore)