Loews commits $500 million for expansion

Loews Hotels & Resorts, New York City, announced on Thursday that it has more than US$500 million in discretionary capital committed to the acquisition of existing hotels and the development of new properties.

“We will be aggressive in our pursuit of new and existing hotel and resort properties to grow our portfolio,” said Paul Whetsell, Loews president and CEO.

Loews is focusing on key urban markets and top-tier resort destinations.

“Loews is seeking 4-star to 5-star quality full-service hotel assets and portfolios including group-oriented urban hotels, commercial transient urban hotels and destination resorts,” said Troy Furbay, executive vice president, acquisitions & development. “We are currently targeting cities such as Chicago, Boston, Washington D.C., San Francisco, Dallas, Seattle, New York and Toronto, as well as top-tier sun, ski and golf resort destinations.”

Loews also holds significant capital for joint ventures, incentive capital and new developments in primary and secondary markets. The company currently owns and or operates 18 hotels and resorts in the U.S. and Canada.