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| Loews Chairman Jonathan Tisch at Lowes Hollywood Hotel, Los Angeles, CA |
NEW YORK, NY– Loews Hotels
& Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), and
MetLife announced a joint venture in the ownership of the Loews Hollywood
Hotel, a 632-room hotel in Los Angeles, California, purchased by Loews
Hotels earlier this year.
The venture continues Loews
Hotels' partnership with MetLife, which owns the Loews Atlanta Hotel.
“We are committed to
collaborating with proven investors that have similar financial return
goals," said Paul Whetsell, President & CEO, Loews Hotels &
Resorts. “MetLife is a great partner as we invest in our portfolio and expand
the Loews brand.”
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| Paul Whetsell |
The Loews Hollywood Hotel
purchase is part of the company’s strategy to add substantially to its
portfolio of hotels over the next five years. Loews Hotels continues to
aggressively seek hotel additions in gateway cities and resort destinations and
expects to announce additional new Loews properties in the coming months.
“Entering this joint
venture supports MetLife’s strategy of acquiring, retaining and maximizing the
value of prime real estate assets in top-tier domestic markets,” said Sharon
Wortmann, a director in MetLife Real Estate Investors’ Los Angeles Regional
Office.
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| Sharon Wortmann |
“Aligning ourselves with Loews
is also an excellent partnership given their significant experience in the Los
Angeles hotel market.”
MetLife invests in office,
apartment, retail and industrial opportunities in major U.S. markets as well as
outside the U.S.
Located along the renowned
Walk of Fame in the heart of Hollywood, the 20-story Loews Hollywood Hotel
features extraordinary views of the city and the world-famous Hollywood sign.
The property anchors the
connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot,
five-story structure featuring more than 80 specialty retail outlets. The
master-planned development also houses the DolbyTheatre, home to the Academy
Awards® presentation.
Contacts:
Lark-Marie Anton/Sarah Murov
Loews Hotels & Resorts
(212) 521-2779 / (212) 521-2495
Jerry Daly/Chris Daly
Daly Gray Public Relations
(703) 435-6293
Drew Guthrie
MetLife,
Inc.
212-578-2826
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