Market Overview

Loews Hotels & Resorts Announces Loews Chicago Hotel Opening in 2015

NEW YORK--(BUSINESS WIRE)--

Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company will open a new property in Chicago. The hotel is being developed by Chicago-based DRW Trading Group (DRW) and designed by the architectural firm Solomon Cordwell Buenz.

The Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces for guest and function uses, spa/fitness center and an outdoor rooftop including a pool overlooking the city. The hotel is slated to open in January, 2015.

“This Chicago property promises to deliver a unique experience for our guests as we expand and grow our brand,” said Jonathan Tisch, Chairman of Loews Hotels & Resorts. “The location, amenities and services will surpass expectations, making the Loews Chicago Hotel one of the most sought after hotels in the area.”

Boasting city and lake views from the guest rooms, the property is located just one block north of the Chicago River and two blocks east of North Michigan Avenue, in the heart of Chicago. The hotel will be part of a highly visible 52-story tower comprised of the Loews Chicago Hotel and 390 luxury residential apartments.

“We are thrilled to partner with Loews Hotels & Resorts to bring a unique experience to downtown Chicago,” said Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group. “The Loews Hotels brand will be an invaluable addition to the Chicago hotel market.”

Loews Hotels & Resorts' plans for the new Chicago hotel follow the announcement of another new build, the 1,800-room Cabana Bay Beach Resort at Universal Orlando, expected to open in 2014. Cabana Bay Beach Resort is the fourth hotel in partnership with Universal Parks & Resorts, and is one of the largest hotels being built in the United States at the present time.

“Loews Chicago and Cabana Bay Beach Resort further highlight our goal of working with proven investors and partners as we seek to continue operating distinct properties in key markets,” said Paul Whetsell, President and CEO of Loews Hotels & Resorts. “These new developments are important steps in our plan to expand Loews in major cities across North America.”

The addition of the Chicago and Orlando properties is part of the company's strategy to add substantially to its portfolio of hotels over the next five years. Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.

About Loews Hotels & Resorts

Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 18 hotels and resorts in the U.S. and Canada including the Loews Hollywood Hotel located adjacent to the Hollywood & Highland Center. The hotel features 632 guestrooms, including 113 suites and over 120,000-square-feet of meeting space. Located in major city centers and resort destinations in North America from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with a supremely comfortable, uniquely local and vibrant travel experience. For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com.

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Loews Hotels & Resorts
Lark-Marie Anton, 212-521-2779
lanton@loewshotels.com
or
Sarah Murov, 212-521-2495
smurov@loewshotels.com

 

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