Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced the promotion of Michael Palmeri to Senior Vice President, Acquisitions and Development, who will assume responsibility for leading the company’s property acquisitions, real estate development and capital raising.
Palmeri, who joined Loews Hotels & Resorts in 2011, has played an instrumental role in growing the company and expanding the Loews brand. Loews recently acquired hotels in Los Angeles, Washington, D.C. and Boston and today opens hotel four in Orlando, Universal’s Cabana Bay Beach Resort, a joint venture with NBC Universal. Additionally the company is developing a hotel in Chicago, which is scheduled to open in early 2015. He also plays a key role in managing new capital partners and raising equity for deals.
“Michael and his team are playing a vital part as we focus on growing and expanding our portfolio domestically and internationally,” said Paul Whetsell, President & CEO of Loews Hotels & Resorts. “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 $3.0 billion in full-service, upscale hotel real estate in major U.S. markets.
Palmeri received his bachelor’s degree from Cornell University and resides in Brooklyn, New York, with his wife.
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 18 hotels and resorts in the U.S. and Canada including the newly acquired Loews Madison Hotel located in the heart of Washington at the epicenter of legendary D.C. landmarks and the Loews Boston Hotel, one of Boston’s preeminent historic buildings, situated on the corner of Berkeley and Stuart Streets.
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