NEW YORK
Loews Hotels & Resorts has a newly affirmed commitment to growth with more than $500 million in discretionary capital committed to the acquisition of existing hotels and the development of new properties.
President and CEO, Paul Whetsell who recently joined the company, will be leading the effort as Loews is focusing on key urban markets and top-tier resort destinations ideally suited to discerning business travelers and pleasure seekers. "We will be aggressive in our pursuit of new and existing hotel and resort properties to grow our portfolio," said Whetsell. "Loews has a long tradition of owning and operating high-quality properties and delivering great guest experiences. Our objective is to further develop the brand while producing superior financial operating results for our owners and investors."
Added Troy Furbay, executive vice president of acquisitions and development, "Loews is seeking four and five star quality full-service hotel assets and portfolios including group-oriented urban hotels, commercial transient urban hotels and destination resorts. We are targeting cities such as Chicago, Boston, Washington DC, 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.
