Loews Grabs DC's Madison Hotel As Part Of Growth Plan

Law360, New York (December 3, 2012, 5:48 PM EST) -- Loews Corp.'s hotel and resort subsidiary will purchase Washington, D.C.'s iconic Madison Hotel, its latest move to crack into tourist-heavy cities and resort destinations and build up its portfolio, the company said Monday.

Neither Loews nor the property's seller, Jamestown Properties, disclosed the purchase price or gave a financing breakdown. When Jamestown bought the hotel and an adjacent office building in January 2011, it paid $123 million.

The pair expects to close the sale next month.

This year, Jamestown helmed a $23 million renovation effort at...
To view the full article, register now.