Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the iconic, 356-room Madison Hotel in the heart of Washington, D.C. from Jamestown Properties. The acquisition closes in January, 2013.
The Madison marks the second major hotel purchase announced by Loews Hotels this year, as part of the goal to add substantially to its portfolio of hotels over the next five years. The hotel company continues to aggressively seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
“The Madison completed a dramatic $23 million renovation in 2012,” said Paul Whetsell, president & CEO, Loews Hotels & Resorts. “We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market.”
“During our ownership, we were struck by the quality and professionalism of the staff at the Madison, and are proud that its reputation for excellence remains in-tact,” said Michael Phillips, chief operating officer for Jamestown. “We are confident that the property will continue to flourish under the Loews flag once again.”Located at 15 th and M Street, the hotel is a short walk to the White House, Embassy Row, the Capital, the National Mall and Smithsonian Museums. Attracting an estimated 18 million visitors in 2012, Washington ranks among the top seven U.S. cities for international travelers and among the top 20 domestically. The Madison is home to one of the District’s top restaurants, the Federalist, with a focus on Mid-Atlantic culinary traditions. PostScript Bar and Lounge, a new local favorite, features artisan pastries, panini and barista specialties, along with hand-crafted cocktails, small-batch whiskeys, scotches, vodkas and world-class wines. The hotel will cater to mid-sized business groups and elite social events that focus on high levels of personal service. The hotel provides more than 12,000 square feet of state-of-the-art meeting and event space in 12 distinct settings, including the 3,300-square-foot ballroom with seating capacity of up to 400 people.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts