Loews Hotels & Resorts Announces Michael Palmeri as Senior Vice President and New Head of Acquisitions and Development

  Loews Hotels & Resorts Announces Michael Palmeri as Senior Vice President
  and New Head of Acquisitions and Development

Business Wire

NEW YORK -- March 31, 2014

Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE:
L), today announced the promotion of Michael Palmeri to Senior Vice President,
Acquisitions and Development, who will assume responsibility for leading the
company’s property acquisitions, real estate development and capital raising.

Palmeri, who joined Loews Hotels & Resorts in 2011, has played an instrumental
role in growing the company and expanding the Loews brand. Loews recently
acquired hotels in Los Angeles, Washington, D.C. and Boston and today opens
hotel four in Orlando, Universal’s Cabana Bay Beach Resort, a joint venture
with NBC Universal. Additionally the company is developing a hotel in Chicago,
which is scheduled to open in early 2015. He also plays a key role in managing
new capital partners and raising equity for deals.

“Michael and his team are playing a vital part as we focus on growing and
expanding our portfolio domestically and internationally,” said Paul Whetsell,
President & CEO of Loews Hotels & Resorts. “He has been integral in acquiring
our new hotels and bringing on the right capital partners at the right time.”

Palmeri joined Loews with extensive lodging investment experience having
worked in acquisitions and asset management for hotel operating investment
platforms – including Chicago-based Abacus Lodging Investors, and San
Francisco-based Chartres Lodging Group. He has invested and closed on more
than $3.0 billion in full-service, upscale hotel real estate in major U.S.

Palmeri received his bachelor’s degree from Cornell University and resides in
Brooklyn, New York, with his wife.

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 newly acquired Loews
Madison Hotel located in the heart of Washington at the epicenter of legendary
D.C. landmarks and the Loews Boston Hotel, one of Boston’s preeminent historic
buildings, situated on the corner of Berkeley and Stuart Streets. 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
Sarah Murov, 212-521-2495
Daly Gray
Chris Daly, 703-435-6293
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