Loews Completes Acquisition of Renaissance Hotel & Spa
HOLLYWOOD, Calif./NEW YORK, N.Y.— Loews Hotels & Resorts today announced that the company has completed the acquisition of the 632-room former Renaissance Hotel & Spa in Hollywood, Calif. from CIM Group. The hotel has been rebranded the Loews Hollywood Hotel. Terms were not disclosed. READER COMMENTS
The hotel will undergo an estimated $26 million renovation which will be completed in the summer of 2013. The renovation will be completed in phases to minimize guest disruptions. Loews Hotels & Resorts will oversee the renovation and operate the hotel.
“This acquisition represents the start of our program to double the size of our branded hotel portfolio over the next three to five years,” said Paul Whetsell, president and CEO, in an announcement. “Our primary focus is to continue expanding our portfolio into major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle, as well as select destination resorts.”