Loews' Hotels & Resorts Unit Agrees to Buy The Madison Hotel
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. 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.