Loews Hotels & Resorts Announces Loews Chicago Hotel Opening in 2015

  Loews Hotels & Resorts Announces Loews Chicago Hotel Opening in 2015

Business Wire

NEW YORK -- January 15, 2013

Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE:
L), today announced that the company will open a new property in Chicago. The
hotel is being developed by Chicago-based DRW Trading Group (DRW) and designed
by the architectural firm Solomon Cordwell Buenz.

The Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a
signature restaurant, more than 25,000 square feet of innovative meeting
space, multiple outdoor terraces for guest and function uses, spa/fitness
center and an outdoor rooftop including a pool overlooking the city. The hotel
is slated to open in January, 2015.

“This Chicago property promises to deliver a unique experience for our guests
as we expand and grow our brand,” said Jonathan Tisch, Chairman of Loews
Hotels & Resorts. “The location, amenities and services will surpass
expectations, making the Loews Chicago Hotel one of the most sought after
hotels in the area.”

Boasting city and lake views from the guest rooms, the property is located
just one block north of the Chicago River and two blocks east of North
Michigan Avenue, in the heart of Chicago. The hotel will be part of a highly
visible 52-story tower comprised of the Loews Chicago Hotel and 390 luxury
residential apartments.

“We are thrilled to partner with Loews Hotels & Resorts to bring a unique
experience to downtown Chicago,” said Donald R. Wilson, Jr., Founder and CEO
of DRW Trading Group. “The Loews Hotels brand will be an invaluable addition
to the Chicago hotel market.”

Loews Hotels & Resorts’ plans for the new Chicago hotel follow the
announcement of another new build, the 1,800-room Cabana Bay Beach Resort at
Universal Orlando, expected to open in 2014. Cabana Bay Beach Resort is the
fourth hotel in partnership with Universal Parks & Resorts, and is one of the
largest hotels being built in the United States at the present time.

“Loews Chicago and Cabana Bay Beach Resort further highlight our goal of
working with proven investors and partners as we seek to continue operating
distinct properties in key markets,” said Paul Whetsell, President and CEO of
Loews Hotels & Resorts. “These new developments are important steps in our
plan to expand Loews in major cities across North America.”

The addition of the Chicago and Orlando properties is part of the company’s
strategy to add substantially to its portfolio of hotels over the next five
years. Loews Hotels & Resorts continues to seek hotel additions in gateway
cities and resort destinations and anticipates announcing additional Loews
properties in the coming months.

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:

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Loews Hotels & Resorts
Lark-Marie Anton, 212-521-2779
Sarah Murov, 212-521-2495
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