New York-based Loews Corp.’s hotel division, Loews Hotels & Resorts, will enter the Washington market with the purchase of the 356-room Madison Hotel at 1177 15th Street, N.W.
Loews is buying the hotel from Jamestown Properties for an undisclosed sum. The acquisition is expected to close in January.
The Madison just completed a $23 million renovation. Jamestown acquired the hotel in 2011 for $123 million. Loews managed the Madison before Jamestown acquired it.
“We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market,” said Paul Whetsell, who joined the company as chief executive earlier this year.
Loews, which owns or operates 18 hotels and resorts, says the acquisition is part of its plan to substantially add hotels over the next five years. Earlier this year, Loews acquired the Renaissance Hotel & Spa in Hollywood Calif., and is undertaking a $70 million renovation of its Regency Hotel on Park Avenue in Manhattan.
Loews plans to double its portfolio of hotels in the next three to five years.