NEW YORK CITY—Loews Hotels & Resorts has promoted Michael Palmeri to SVP, acquisitions and development. He will assume responsibility for leading the company’s property acquisitions, real estate development and capital raising.
Since joining Loews in 2011, Palmeri reportedly “has played an instrumental role in growing the company and expanding the Loews brand.” Prior to the promotion, he was VP of acquisitions and development.
Loews recently acquired hotels in Los Angeles, Washington, DC and Boston and opened its fourth property in Orlando, Universal’s Cabana Bay Beach Resort, a joint venture with NBC Universal. Additionally the company is developing a hotel in Chicago that is scheduled to open in early 2015.
Under Palmeri’s leadership, Loews will be pursuing aggressive growth, he tells GlobeSt.com in this UPDATE. “Loews continues to seek top tier and secondary markets in urban and resort destinations both domestically and internationally. We have a number of projects in the pipeline, some of which we hope to announce in the coming months. Our goal is to double the size of our portfolio over the next three to five years.”
Palmeri also plays a key role in managing new capital partners and raising equity for deals, according to a company announcement. GlobeSt.com was awaiting comment at press time from Palmeri or from those who are managing him.
“Michael and his team are playing a vital part as we focus on growing and expanding our portfolio domestically and internationally,” says Paul Whetsell, president & CEO of Loews Hotels & Resorts, in a written statement. “He has been integral in acquiring our new hotels and bringing on the right capital partners at the right time.”
Palmeri joined Loews with extensive lodging investment experience having worked in acquisitions and asset management for hotel operating investment platforms—including Chicago-based Abacus Lodging Investors and San Francisco-based Chartres Lodging Group. He has invested and closed on more than $3 billion in full-service, upscale hotel real estate in major US markets.