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Had a similar decision to make when our son graduated several years ago. Our family went to Bayona. They had a terrific small plates lunch, which I think is still $25 for three choices. It was truly a gourmet lunch and we are still talking about it years later. In fact, returning to New Orleans the end of March for Final Four weekend and have reservations to return to Bayona for same luncheon. Check out Bayona's website.
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Luke or Mila would be a good choice.
Luke Restaurant @ 333 St. Charles Ave., New Orleans, LA. 504 - 378 - 2840.
http://www.lukeneworleans.com/
Mila @ 817 Common St., New Orleans, LA. 504 - 595 - 6774.
http://www.milaneworleans.com/ -
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Borgne (Besh's new casual seafood resto) is on the ground floor of the Hyatt. Since it is "right there", I'd get on open table exactly 1 monthe prior to the desired date and make resv. Actually, wherever you decide, make resv. 1 mo. in advance. Others fairly close (10 min walk) Domenica, Sweet Olive (new southern resto from Coquette folks, located in Saint Hotel on Canal near Baronne). Luke and Cafe Adelaide are close by however, IMO you won't get a great meal at either.