In 1931, Weiss was named president of the New Orleans Roosevelt Corp. From 1931–1965, he was the principal owner and managing director of the Roosevelt. The Cave was closed in favor of a larger venue a floor above called "The Blue Room" which became a nationally prominent music venue. Weiss sold the Roosevelt in 1965. It became the Fairmont Hotel until closing following Hurricane Katrina. In August 2007, Dimension Development Company, Inc, a Natchitoches, Louisiana-based hotel development and management company purchased the property, and is currently restoring the building with a scheduled opening date of June 25, 2009. Dimension Development Company Inc, entered into an agreement with Hilton Worldwide to brand the hotel under Hilton's premier Waldorf Astoria collection. The hotel has been rechristened The Roosevelt Hotel by Waldorf Astoria. A grand opening was held in 2009. Businessman Sam Friedman of Natchitoches was heavily involved in the reopening. He is the son of the late Louisiana State Senator Sylvan Friedman.