Loews Hotels & Resorts to Return to Washington, D.C. with the Purchase of The Madison Hotel

  Loews Hotels & Resorts to Return to Washington, D.C. with the Purchase of
  The Madison Hotel

Business Wire

NEW YORK -- December 03, 2012

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.

About Loews Hotels & Resorts

Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 18
hotels and resorts in the U.S. and Canada including the Loews Hollywood Hotel
located adjacent to the Hollywood & Highland Center. The hotel features 632
guestrooms, including 113 suites and over 120,000-square-feet of meeting
space. Located in major city centers and resort destinations in North America
from coast to coast, the Loews portfolio features one-of-a-kind properties
that go beyond Four Diamond standards to delight guests with a supremely
comfortable, uniquely local and vibrant travel experience. For reservations or
more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit:
www.loewshotels.com.

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Contact:

Loews Hotels & Resorts
Lark-Marie Anton/Sarah Murov
212-521-2779 / 212-521-2495
lanton@loewshotels.com / smurov@loewshotels.com
or
Daly Gray Public Relations
Jerry Daly/Chris Daly
703-435-6293
jerry@dalygray.com / chris@dalygray.com