Loews (L +0.3%) announces that it will buy a large hotel in California from CIM Group that will...

|About: Loews Corporation (L)|By:, SA News Editor

Loews (L +0.3%) announces that it will buy a large hotel in California from CIM Group that will be rebranded into the Loews Hollywood Hotel. The company says the transaction marks the first acquisition under a strategy to double its portfolio of hotels to more than 30 over the next three to five years.