Market Overview

Loews' Hotels & Resorts Unit Agrees to Buy The Madison Hotel

Related L
Market Wrap For March 24: Markets On Two-Day Losing Streak?
Benzinga's Top Downgrades
TravelClick Changing Hands (Fox Business)

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.

Posted-In: News M&A

 

Most Popular

Related Articles (L)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free