NEW YORK CITY-Loews Hotels & Resorts said on Thursday it had promoted Troy Furbay to CIO, responsible for leading the company’s property acquisitions, real estate development and capital raising. Previously EVP of acquisitions and development, Furbay tells GlobeSt.com that Loews will be continuing the buying streak it’s been on this year.
“We have broad expectations for our growth this year and next,” he says. “We do expect to buy three this year and are set up financially to support those transactions. We haven’t identified what those are yet, we evaluate 20-30 properties at a time.”
Furbay spoke to the company’s broader growth strategy. “We’ve said it before but our plan is to purchase approximately five hotels a year over the next three to four years. We plan to get to 50 over the next three years; we’re currently at 21 properties. We won’t quite reach that growth target with individual acquisitions so we also plan to acquire a portfolio of hotels or a small-to-medium size hotel company.”
Just within this year’s first quarter, Loews has done a large number of deals. As previously reported, it purchased the 225-room Back Bay Hotel, in Boston, back in January. Also in January, it was revealed that Loews plans to open a Chicago property in 2015. The Loews Chicago Hotel will feature a restaurant, 25,000 square feet of meeting space, outdoor terraces, a spa/fitness center and an outdoor rooftop area with a pool.
These deals were preceded earlier in the month by the groundbreaking of a new hotel in Orlando. Marking the hotelier’s fourth partnership with Universal Parks & Resorts, the new property–Universal Cabana Bay Beach Resort—will feature 900 family suites and 900 guest rooms. The facility is said to be one of the largest hotels currently under construction in the United States.
In December of last year, it was reported that Loews had entered into a JV with MetLife to own the Loews Hollywood Hotel. The 632-room property was purchased by Loews last June when it was the Renaissance Hotel & Spa. Also in December, Loews bought the iconic Madison Hotel, in Washington D.C. The 356-room facility was sold by Jamestown Properties.
Some of Loews’ aggressive expansion plans are due to a very specific strategy. “Loews Corp., our parent company, has a large balance sheet so we’ve been buying properties ourselves and then replacing some of that capital by finding a JV partner, like we did in Orlando,” Furbay says. “We’re working to bring in capital partners on our new Boston and Washington D.C. properties and that’s how we see investing into the future. It’s a longer term holding strategy.”
Prior to joining Loews, Furbay held the position of SVP of acquisitions and development for Kimpton Hotels, where he played an instrumental role in the company’s expansion through acquisitions, management contracts and joint ventures. Earlier in his career, Furbay spent time with MeriStar Hotels and KPMG in development positions. He started his hospitality career with Sheraton Hotels in 1990.
“Troy and his team are playing a vital role as we focus on growing and expanding our portfolio,” says Paul Whetsell, President and CEO, in the announcement. “He has a proven track record of successfully closing deals including the addition of three key assets to the Loews brand in the past year.”