HOLLYWOOD, CA-The New York City-based Loews Corp., through its subsidiary Loews Hotels & Resorts, has agreed to purchase the 632-room Renaissance Hotel & Spa from CIM for an undisclosed amount. The hotel, adjacent to the Hollywood & Highland Center, will now be called Loews Hollywood Hotel and will see a $26 million renovation starting later this year.
The 20-story hotel opened in 2001 along the renowned Walk of Fame. Amenities include 32 suites, more than 48,000 square feet of meeting space, a spa and a 25,000-square-foot ballroom served by Wolfgang Puck. The ballroom is located in the adjacent center, which also includes 80 stores and the famous Dolby Theatre, home to the Academy Awards presentation.
Paul Whetsell, the new Loews president and CEO, said in a statement that this purchase marks the beginning of an ambitious growth plan. The firm currently owns or operates 17 hotels and resorts in the United States and Canada.
“This is the first acquisition in our new strategy to approximately double the brand’s portfolio to more than 30 hotels over the next three-to-five years,” Whetsell said. “With access to discretionary capital to acquire, develop and joint venture, we are uniquely positioned to fill our distribution gaps in major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, DC, New York City, Dallas, Toronto and Seattle.”
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