Loews Hotels & Resorts and MetLife Form Joint Venture
NEW YORK—Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation, and MetLife announced a joint venture in the ownership of the Loews Hollywood Hotel, a 632-room hotel in Los Angeles, California, purchased by Loews Hotels earlier this year. The venture continues Loews Hotels' partnership with MetLife, which owns the Loews Atlanta Hotel. READER COMMENTS
“We are committed to collaborating with proven investors that have similar financial return goals," said Paul Whetsell, president and CEO, Loews Hotels & Resorts. “MetLife is a great partner as we invest in our portfolio and expand the Loews brand.”
The Loews Hollywood Hotel purchase is part of the company’s strategy to add substantially to its portfolio of hotels over the next five years. Loews Hotels continues to seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
“Entering this joint venture supports MetLife’s strategy of acquiring, retaining and maximizing the value of prime real estate assets in top-tier domestic markets,” said Sharon Wortmann, a director in MetLife Real Estate Investors’ Los Angeles Regional Office. “Aligning ourselves with Loews is also an excellent partnership given their significant experience in the Los Angeles hotel market.”
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