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

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.
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