30 May 2014
Loews Corp. (NYSE: L) subsidiary Loews Hotels and Resorts said it has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand from the Graves Hospitality Corp.
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.
Located at the centre 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 centre.
Headquartered in New York City, Loews Hotels and Resorts owns and/or operates 20 hotels and resorts in the US and Canada. Its website is at www.loewshotels.com.