Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), today announced that it has entered into an agreement to purchase the 158-room Mandarin Oriental San Francisco Hotel. The acquisition is expected to close in late March.
"This will be our first entree into San Francisco, a major gateway market and a very important location for Loews Hotels' core customer base," said Paul Whetsell, President & CEO of Loews Hotels & Resorts. "We have been exploring opportunities to enter the San Francisco market for some time, so we are thrilled to add such a respected five-star hotel to our growing brand."
Located in the heart of San Francisco's Financial District, the hotel, which is currently managed by Mandarin Oriental Hotel Group, is situated on the top 11 floors of San Francisco's third-tallest office building, showcasing uninterrupted views of San Francisco and its bay. The hotel features158 guest rooms, the Brasserie S&P restaurant, over 5,000 square feet of meeting space and a new 8,000 square foot spa and fitness center.
This elegant property is the seventh addition to the Loews Hotels portfolio announced in the last two and one-half years. Loews Hotels will open the 400-room Loews Chicago Hotel on March 2nd and continues to seek to grow its brand in gateway cities and resort destinations.
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 23 hotels and resorts across the U.S. and Canada, including two newly acquired Midwest locations - the Loews Minneapolis Hotel, situated in the heart of Minneapolis' entertainment district, and the Loews Chicago O'Hare Hotel, less than two miles from O'Hare Airport in the emerging city of Rosemont, Ill. The new-build, 400-room Loews Chicago Hotel will debut downtown in March 2015.
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