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Loews Hotels & Resorts and MetLife Form Joint Venture



  Loews Hotels & Resorts and MetLife Form Joint Venture

Business Wire

NEW YORK -- December 12, 2012

Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE:
L), and MetLife today announced a joint venture in the ownership of the Loews
Hollywood Hotel, a 632-room hotel in Los Angeles, California, purchased by
Loews Hotels earlier this year. The venture continues Loews Hotels'
partnership with MetLife, which owns the Loews Atlanta Hotel.

“We are committed to collaborating with proven investors that have similar
financial return goals,” said Paul Whetsell, President & CEO, Loews Hotels &
Resorts. “MetLife is a great partner as we invest in our portfolio and expand
the Loews brand.”

The Loews Hollywood Hotel purchase is part of the company’s strategy to add
substantially to its portfolio of hotels over the next five years. Loews
Hotels continues to aggressively seek hotel additions in gateway cities and
resort destinations and expects to announce additional new Loews properties in
the coming months.

“Entering this joint venture supports MetLife’s strategy of acquiring,
retaining and maximizing the value of prime real estate assets in top-tier
domestic markets,” said Sharon Wortmann, a director in MetLife Real Estate
Investors’ Los Angeles Regional Office. “Aligning ourselves with Loews is also
an excellent partnership given their significant experience in the Los Angeles
hotel market.”

MetLife invests in office, apartment, retail and industrial opportunities in
major U.S. markets as well as outside the U.S.

Located along the renowned Walk of Fame in the heart of Hollywood, the
20-story Loews Hollywood Hotel features extraordinary views of the city and
the world-famous Hollywood sign. The property anchors the connecting mixed-use
Hollywood & Highland Center, a 460,000-square-foot, five-story structure
featuring more than 80 specialty retail outlets. The master-planned
development also houses the DolbyTheatre, home to the Academy Awards®
presentation.

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.

Like Loews Hotels & Resorts on Facebook: www.facebook.com/LoewsHotels
Follow Loews Hotels & Resorts on Twitter: www.twitter.com/loews_hotels
Watch Loews Hotels & Resorts on YouTube: www.youtube.com/LoewsHotels

About MetLife Real Estate Investors

MetLife Real Estate Investors, a unit of MetLife, oversees a well-diversified
real estate portfolio of more than $60 billion, which is one of the largest in
the U.S. and consists of real estate equities, commercial mortgages and
agricultural mortgages. MetLife is a global leader in real estate investment
and real estate asset management, with a vast network of regional offices that
keep in close contact with major real estate markets. For more information,
visit www.metlife.com/realestate.

Contact:

Loews Hotels & Resorts
Lark-Marie Anton, 212-521-2779
lanton@loewshotels.com
or
Sarah Murov, 212-521-2495
smurov@loewshotels.com
or
Daly Gray Public Relations
Jerry Daly, 703-435-6293
jerry@dalygray.com
or
Chris Daly, 703-435-6293
chris@dalygray.com
or
MetLife, Inc.
Drew Guthrie, 212-578-2826
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