NEW YORK, NY (May 29, 2014) – Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand from the Graves Hospitality Corporation. The acquisition is expected to close in early July.
Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the past two years, as part of the goal to add substantially to its portfolio of hotels. The hotel company continues to aggressively seek additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.
“Minneapolis is a key market for us as we expand our brand,” said Paul Whetsell, President & CEO of Loews Hotels & Resorts. “Not only is Graves 601 in a prime location, the hotel has a quality product and strong reputation in the market, which makes this a welcome addition to the Loews family.”
“We are pleased to be selling to Loews knowing that they are a first class company and a good fit for the market, the team members and community. We feel absolutely confident that passing the baton to Loews ensures the hotel will continue to be an asset for Minnesota,” explained Jim Graves, Founder of Graves Hospitality.
Located at the center of the business, theatre and entertainment districts in the heart of downtown Minneapolis, Graves 601 is directly across the street from the Target Center and is connected by the Skyway system. The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, a recently renovated spa and a fitness center.
Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 20 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 exciting, approachable and local travel experiences. For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com.
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