Loews to Acquire First Hotel in New Expansion Plan
Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L) today announced that the company has entered into a contract to acquire the 632-room Renaissance Hotel & Spa in Hollywood, Calif. from CIM Group. The acquisition is expected to be completed June 16 and the property will rebrand immediately to the Loews Hollywood Hotel.
The company is finalizing the planning of an estimated $26 million renovation slated to begin this later this year with an expected completion during the summer of 2013. The renovation will be completed in phases to minimize disruptions to guests. Loews Hotels & Resorts will oversee the renovation and manage the hotel.
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