HRI Lodging (HRI) and Carey Watermark Investors (CWI) have secured a $22.8m loan from Canyon Capital Realty Advisors for the repositioning and reflagging of the Chateau Bourbon Hotel in New Orleans, Louisiana, US, to a Hyatt Hotel.

The 251-room hotel offers a restaurant, a bar, a swimming pool and events space.

The loan will enable HRI and CWI to proceed with an extensive renovation and amenities upgrade.

The hotel’s guestrooms will be redesigned and renovated, with completion in 2012.