Paul Whetsell has made his first mark at Loews Hotels & Resorts by acquiring the 632-room Renaissance Hotel & Spa in Hollywood, California, from CIM Group. The price on the deal was not immediately disclosed.
The acquisition is expected to be completed June 16 and the hotel will immediately be rebanded as the Loews Hollywood Hotel. Loews is also finalizing plans for a US$26 million renovation that is expected to be completed by summer of 2013.
“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,” said Whetsell, who joined the company as president and CEO earlier this year. “With access to discretionary capital to acquire, develop and joint venture – we are uniquely poised to fill our distribution gaps in major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle.”
The Hollywood hotel that opened in 2001 anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets.