Loews Completes Acquisition of Renaissance Hotel & Spa, Converts to Loews Brand (United States)
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Loews Completes Acquisition of Renaissance Hotel & Spa, Converts to Loews Brand (United States)
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Category: - United States - Industry economy -
New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2012-06-19
First Acquisition in New Growth Plan
Loews Hotels & Resorts today announced that the company has completed the acquisition of the 632-room former Renaissance Hotel & Spa in Hollywood, Calif. from CIM Group. The hotel has been rebranded the Loews Hollywood Hotel. Terms were not disclosed.
The hotel will undergo an estimated $26 million renovation which will be completed in the summer of 2013. The renovation will be completed in phases to minimize guest disruptions. Loews Hotels & Resorts will oversee the renovation and operate the hotel.
“This acquisition represents the start of our program to double the size of our branded hotel portfolio over the next three to five years,” said Paul Whetsell, president and CEO. “Our primary focus is to continue expanding our portfolio into major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle, as well as select destination resorts.”
Located in the heart of Hollywood, 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.
About Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 18 hotels and resorts in the U.S. and Canada including the Loews Hollywood Hotel located adjacent to the Hollywood & Highland Center. The hotel features 632 guestrooms, including 32 suites and over 48,000-square-feet of meeting space. 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.
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