Monday, December 3, 2012

Loews Hotels & Resorts to Return to Washington, D.C. with Purchase of The Madison Hotel



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.

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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