Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), and MetLife today 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.
“We are committed to collaborating with proven investors that have similar financial return goals," said Paul Whetsell, President & 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 aggressively 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.”
MetLife invests in office, apartment, retail and industrial opportunities in major U.S. markets as well as outside the U.S.
Located along the renowned Walk of Fame in the heart of Hollywood, the 20-story Loews Hollywood Hotel features extraordinary views of the city and the world-famous Hollywood sign. The property anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets. The master-planned development also houses the DolbyTheatre, home to the Academy Awards® presentation.
Source = Loews Hotels & Resorts