NEW YORK, NY (January 22, 2013) ? Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase The Back Bay Hotel in Boston from The Doyle Collection. The acquisition is expected to close in February 2013.
?Boston is one of the most vibrant markets in the U.S., and an excellent city for a Loews property,? said Jonathan Tisch, Chairman of Loews Hotels & Resorts. ?This one-of-a-kind, historic hotel is a unique addition to our growing portfolio.?
Situated on the corner of Berkeley and Stuart Streets, The Back Bay Hotel is one of Boston?s preeminent historic buildings. Originally constructed in the 1920s as the Boston Police Department Headquarters and occupied as such until the late 1990s, the property was extensively redeveloped in 2004. This downtown Boston landmark features 225 spacious guestrooms, modern amenities, meeting and event space as well as two dining options, Cuffs, an Irish Bar and The Stanhope Grille.
The announcement of The Back Bay Hotel in Boston follows the news of another recent acquisition, the iconic 356-room Madison Hotel in the heart of Washington, D.C. The Loews portfolio will now include 21 hotels, including two under construction in Orlando and Chicago.
?The Back Bay Hotel is a strategic addition as we expand our brand,? said Paul Whetsell, President & CEO of Loews Hotels & Resorts. ?We will continue to grow and have a presence in key cities and markets that cater to our loyal business travelers and leisure guests.?
Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations as part of the company?s strategy to add substantially to its portfolio of hotels over the next five years.
About Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 18 hotels and resorts in the U.S. and Canada including the Loews Hollywood Hotel located adjacent to the Hollywood & Highland Center. The hotel features 632 guestrooms, including 113 suites and over 120,000-square-feet of meeting space. Located in major city centers and resort destinations in North America from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with a supremely comfortable, uniquely local and vibrant travel experience. For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com.
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