(By Balaseshan) Loews Corp. (NYSE: L) subsidiary Loews Hotels & Resorts and MetLife Inc. (NYSE: MET) have announced a joint venture in the ownership of the Loews Hollywood Hotel.
Loews Hollywood is 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.
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.
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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.
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.
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.
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L is trading up 0.22% at $41.59 on Wednesday, while MET trades up 1.54% at $33.72.