Loews to Acquire First Hotel in New Expansion Plan
HOLLYWOOD, Calif. & NEW YORK--(BUSINESS WIRE)-- Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (L) today announced that the company has entered into a contract to acquire the 632-room Renaissance Hotel & Spa in Hollywood, Calif. from CIM Group. The acquisition is expected to be completed June 16 and the property will rebrand immediately to the Loews Hollywood Hotel.
The company is finalizing the planning of an estimated $26 million renovation slated to begin this later this year with an expected completion during the summer of 2013. The renovation will be completed in phases to minimize disruptions to guests. Loews Hotels & Resorts will oversee the renovation and manage the hotel.
This is the first acquisition in our new strategy to approximately double the brands portfolio to more than 30 hotels over the next three to five years, said Paul Whetsell, who joined the company as president and CEO earlier this year. With access to discretionary capital to acquire, develop and joint venture - we are uniquely poised to fill our distribution gaps in major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle.
The hotel anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets. The complex offers a wide range of entertainment options, including 26 restaurants and eateries, two nightclubs, seven movie screens, eight bars and 12 bowling lanes. The master-planned development also houses the Dolby Theatre, home to the Academy Awards® presentation and features IRIS, Cirque du Soleils first resident show in Los Angeles. The hotel is also readily accessible to the 17,000-seat Hollywood Bowl amphitheater and Universal Studios Hollywood theme park and movie studio.
Expanding our system and customer base is the focus of Loews Hotels as we continue to offer unique and distinct hospitality, Whetsell noted. The Loews Hollywood Hotel will nicely complement our 342-room Loews Santa Monica Beach hotel.
Located along the renowned Walk of Fame in the heart of Hollywood, which attracts more than 20 million visitors annually, the 20-story hotel features extraordinary views of the city and the world-famous Hollywood sign. The property offers 65,000 square feet of meeting space, capable of comfortably hosting several thousand people. The hotels 25,000-square-foot ballroom will continue to be served by Wolfgang Puck.
The hotel also offers a fifth-floor, 6,400-square-foot spa with seven treatment rooms located adjacent to the propertys 12,000-square-foot terrace and swimming pool.
About Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 17 hotels and resorts in the U.S. and Canada. Located in major city centers and resort destinations in North America from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with a supremely comfortable, uniquely local and vibrant travel experience. For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com.
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Lark-Marie Anton, 212-521-2779
Daly Gray Public Relations
Jerry Daly, 703-435-6293
Chris Daly, 703-435-6293
Source: Loews Hotels & ResortsCopyright Business Wire 2012