Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company and Universal Parks & Resorts have broken ground on Universal’s Cabana Bay Beach Resort, currently one of the largest hotels under construction in the United States. The property will be owned in a joint venture with affiliates of Universal Parks & Resorts and Loews Hotels & Resorts. Universal’s Cabana Bay Beach Resort is scheduled to open in 2014.
Universal’s Cabana Bay Beach Resort will offer 900 family suites, which include kitchen areas and 900 standard guest rooms – offering both moderate and value-priced accommodations. It is located on a 37-acre site within Universal Orlando Resort and adjacent to Universal’s Islands of Adventure.
“The Orlando resort market and our partners at Universal are a fundamental part of our business,” said Jonathan Tisch, Chairman of Loews Hotels & Resorts. “Universal Orlando is a beloved family destination and this new development will allow more families to enjoy the attractions and experience the unique theme parks.”
Loews Hotels & Resorts’ plans for the new Orlando hotel development follow the announcement of its most recent hotel acquisition, the 356-room Madison Hotel in the heart of Washington, D.C. Universal’s Cabana Bay Beach Resort is the fourth hotel in partnership with Universal Parks & Resorts.“Universal’s Cabana Bay Beach Resort project is a key component in our development plans,” said Paul Whetsell, President and CEO of Loews Hotels & Resorts. “Our partnership with Universal is integral to our growth as we strategically expand Loews Hotels.” The addition of the Washington, D.C. and Orlando properties is part of the company’s growth strategy to add substantially to its portfolio of hotels over the next five years. Loews Hotels & Resorts continues to target hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
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