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| Paul Whetsell |
NEW YORK, NY – Loews
Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L),
announced that the company has entered into an agreement to purchase the
255-room Graves 601 Hotel Wyndham Grand from the Graves Hospitality
Corporation. The acquisition is
expected to close in early July.
Graves 601 Hotel is
the fourth major hotel purchase announced by Loews Hotels in the past two
years, as part of the goal to add substantially to its portfolio of
hotels. The hotel company continues to
aggressively seek additions in gateway cities and resort destinations and
anticipates announcing additional Loews properties in the coming months.
“Minneapolis is a key market for us as we expand our brand,”
said Paul Whetsell, President & CEO of Loews Hotels &
Resorts. “Not only is Graves 601 in a
prime location, the hotel has a quality product and strong reputation in the
market, which makes this a welcome addition to the Loews family.”
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| Jim Graves |
“We are pleased to
be selling to Loews knowing that they are a first class company and a good fit
for the market, the team members and community.
"We feel absolutely confident that passing the baton to Loews
ensures the hotel will continue to be an asset for Minnesota,” explained Jim
Graves, Founder of Graves Hospitality.
Located at the
center of the business, theatre and entertainment districts in the heart of
downtown Minneapolis, Graves 601 is directly across the street from the Target
Center and is connected by the Skyway system. The hotel features two
restaurants and bars, more than 9,000 square feet of meeting and event space, a
recently renovated spa and a fitness center.
For a complete copy of the company’s news release, please
contact:
Sarah Murov
Loews Hotels & Resorts
(212) 521-2495
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