Loews, MetLife Form JV to Own Hotel

(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.