(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
LOS ANGELES-In an effort to enhance its hotel portfolio significantly, Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corp., has formed a joint venture with MetLife to own Loews Hollywood Hotel, a 632-room hotel here that was purchased by Loews earlier this year. The venture augments Loews’s partnership with the real estate arm of the life-insurance company, which is also the owner of Loews Atlanta Hotel.
The 20-story hotel is located along Hollywood’s Walk of Fame and features extraordinary views of the city and the world-famous Hollywood sign. The property anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets. The master-planned development also houses the DolbyTheatre, in which the Academy Awards presentation is held.
The purchase follows Loews’s strategy to add substantially to its portfolio of hotels over the next five years. The firm continues to seek hotel additions aggressively in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
According to Sharon Wortmann, a director in MetLife Real Estate Investors‘ Los Angeles regional office, “Aligning ourselves with Loews is also an excellent partnership given their significant experience in the Los Angeles hotel market.” The firm invests in office, apartment, retail and industrial opportunities in major US markets as well as outside the US.
“We are committed to collaborating with proven investors that have similar financial return goals,” added Paul Whetsell, president and CEO of Loews Hotels & Resorts, in a prepared statement. “MetLife is a great partner as we invest in our portfolio and expand the Loews brand.”