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| Madison Hotel, Washington, DC |
NEW YORK, NY (Dec. 3, 2012) — Loews Hotels & Resorts, a
wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that
the company has entered into an agreement to purchase the iconic, 356-room Madison
Hotel in the heart of Washington, D.C. from Jamestown Properties. The
acquisition closes in January, 2013.
The Madison marks
the second major hotel purchase announced by Loews Hotels this year, as part of
the goal to add substantially to its portfolio of hotels over the next five
years.
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| Paul Whetsell |
The hotel company continues to aggressively seek hotel
additions in gateway cities and resort destinations and expects to announce
additional new Loews properties in the coming months.
“The Madison
completed a dramatic $23 million renovation in 2012,” said Paul Whetsell, president
& CEO, Loews Hotels & Resorts. “We expect that the hotel’s quality,
coupled with the addition of the Loews brand, will give us a strong competitive
position in the D.C. market.”
“During our ownership, we were struck by the quality and
professionalism of the staff at the Madison, and are proud that its reputation
for excellence remains in-tact,” said Michael Phillips, chief operating officer
for Jamestown. “We are confident that the property will continue to flourish
under the Loews flag once again.”
For a complete copy
of the company’s news release, please contact:
Lark-Marie Anton/Sarah Murov
Loews Hotels & Resorts
(212) 521-2779 / (212) 521-2495
lanton@loewshotels.com
Jerry Daly/Chris Daly
Daly Gray Public
Relations
(703) 435-6293
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