Hyatt Hotels Corp. said it is revamping and reopening its Hyatt Regency New Orleans in fall of 2011.

The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.

The reopening is part of an economic development plan designed by the New Orleans Regional Planning Commission and New Orleans Downtown Development District to revitalize New Orleans’ Central Business area over the next several years.

First opened in 1976, the hotel played a key role during Hurricane Katrina serving as a primary support location for state, local, and federal agencies before it closed in December 2005.

Hyatt shares rose 36 cents to $36.38 in afternoon trading.  For full report from Business Week click here….