HOLLYWOOD, CA-Loews Hotels & Resorts has completed the acquisition of the 632-room former Renaissance Hotel & Spa from CIM Group. The hotel has been rebranded the Loews Hollywood Hotel.
Terms of the deal were not disclosed, and a spokesperson for Loews tells GlobeSt.com that the sale price and transaction details are proprietary and not being released by the company.
The hotel will undergo an estimated $26-million renovation, which will be completed in the summer of 2013. The renovation will be tackled in phases to minimize guest disruptions, and Loews will oversee the renovation and operate the hotel.
Located in the heart of Hollywood, the hotel anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets.
“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, Loews’ president and CEO, in a prepared statement. “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.”
As GlobeSt.com previously reported, Loews had agreed to purchase the 20-story hotel in late May. The hotel had opened in 2001 along the renowned Walk of Fame with amenities that included 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.
Also as GlobeSt.com previously reported, during his keynote address at the 34th Annual NYU Hospitality Industry Investment Conference Loews Hotels chairman Jonathan M. Tisch gave the hospitality industry one piece of advice: build big. In a call-to-arms style address, Tisch urged the commercial real estate community to take on the challenge of improving the nation’s aging infrastructure and seize the opportunities presented by a boom in global travel.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
