(Save the date: RealShare Los Angeles comes tothe Hyatt Regency Century Plaza in Los Angeles, CA, on March 27,2013.)
LOS ANGELES-In an effort to enhance its hotelportfolio significantly, Loews Hotels &Resorts, a wholly owned subsidiary of LoewsCorp., has formed a joint venture withMetLife to own Loews HollywoodHotel, a 632-room hotel here that was purchased by Loewsearlier this year. The venture augmentsLoews's partnership with the real estate arm of the life-insurancecompany, which is also the owner of Loews AtlantaHotel.

The 20-story hotel is located along Hollywood's Walk ofFame and features extraordinary views of the city and theworld-famous Hollywood sign. The property anchors the connectingmixed-use Hollywood & Highland Center, a460,000-square-foot, five-story structure featuring more than 80specialty retail outlets. The master-planneddevelopment also houses the DolbyTheatre, in whichthe Academy Awards presentation is held.

The purchase follows Loews's strategy to add substantially toits portfolio of hotels over the next five years. The firmcontinues to seek hotel additions aggressively in gateway citiesand resort destinations and expects to announce additional newLoews properties in the coming months.