HOLLYWOOD, CA and NEW YORK, NY, May 31, 2012 — Loews Hotels & Resorts today announced that the company has entered into a contract to acquire the 632-room Renaissance Hotel & Spa in Hollywood, Calif. (top left photo) 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 brand’s portfolio to more than 30 hotels over the next three to five years,” said Paul Whetsell (middle right photo), 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.”
For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: http://www.loewshotels.com/.
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Contact:
Loews Hotels
Lark-Marie Anton
(212) 521-2779
lanton@loewshotels.com
Daly Gray Public Relations
Jerry Daly, Chris Daly
(703) 435-6293
jerry@dalygray.com
chris@dalygray.com
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