Loews Hotels & Resorts Purchases the Graves 601 Hotel Wyndham Grand in Minneapolis

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.

"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."

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.

"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.