Dec. 3 (Bloomberg) -- Loews Corp.’s hotel division agreed to buy the 356-room Madison Hotel in Washington, entering the city as part of an expansion in major markets and resort areas.
The seller was Jamestown Properties, which oversaw a $23 million renovation of the property at 15th and M Streets this year, according to a statement by New York-based Loews, a holding company with insurance, energy and lodging businesses. The price of the transaction wasn’t disclosed.
“The hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market,” Paul Whetsell, president and chief executive officer of Loews Hotels & Resorts, said in the statement.
Loews Hotels is “aggressively” seeking to buy properties and plans to add substantially to its portfolio in the next five years, according to the statement. It wants to be similar in size to Four Seasons Hotels Inc. and Marriott International Inc.’s Ritz-Carlton brand, with about 60 to 70 properties, Whetsell said in an interview earlier this year. The company currently has 18 hotels and resorts, according to its website.
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