Posted 12/12/2012 - 9:31:41 AM
Loews Hollywood is focus of Loews Hotels & Resorts and MetLife JV.
LOS ANGELES—Loews Hotels & Resorts and MetLife formed a joint venture in the ownership of the Loews Hollywood Hotel, a 632-room hotel purchased by Loews Hotels earlier this year. The venture continues Loews Hotels' partnership with MetLife, which owns the Loews Atlanta Hotel.
The Loews Hollywood Hotel purchase is part of the company’s strategy to add to its portfolio of hotels over the next five years. Loews Hotels continues to seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months, according to the company.
“Entering this joint venture supports MetLife’s strategy of acquiring, retaining and maximizing the value of prime real estate assets in top-tier domestic markets,” said 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.”
MetLife invests in office, apartment, retail and industrial opportunities in major United States markets as well as outside the U.S.
Located along the Walk of Fame in the heart of Hollywood, the 20-story Loews Hollywood Hotel features views of the city and the world-famous Hollywood sign. The property anchors the connecting mixed-use Hollywood & Highland Center, a 460,000-sq.-ft., five-story structure featuring more than 80 specialty retail outlets. The master-planned development also houses the DolbyTheatre, home to the Academy Awards.