NEW YORK—Loews Hotels & Resorts announced that the company has entered into an agreement to purchase the 356-room Madison Hotel in Washington, D.C. from Jamestown Properties. The acquisition closes in January.
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 seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
“The Madison completed a dramatic $23 million renovation in 2012,” said Paul Whetsell, president & CEO, Loews Hotels & Resorts, in an announcement. “We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market.”
The hotel will cater to mid-sized business groups and social events that focus on high levels of personal service. The hotel provides more than 12,000 square feet of meeting and event space in 12 settings, including the 3,300-square-foot ballroom with seating capacity of up to 400 people.