Loews Hotels & Resorts Completes Acquisition of the Graves 601 Hotel

Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company completed the acquisition of the 255-room Graves 601 Hotel Wyndham Grand.

Located at the center of the business, theatre and entertainment districts in the heart of downtown Minneapolis, the former Graves Hospitality property has immediately been converted to the Loews Hotels brand. Loews Hotels plans an approximate $7 million renovation scheduled to begin in early 2015.

"The Loews Minneapolis is a great addition to the Loews portfolio," said Paul Whetsell, President & CEO of Loews Hotels & Resorts. "There are exciting new developments in Minneapolis including the Block E area, and having our hotel in such a key Midwestern destination is a tremendous plus for the growth of our brand. The property is in great physical condition, with the renovation targeted to further enhance the guest experience."

This addition is part of Loews Hotels & Resorts expanding their footprint in the Midwest. Loews recently announced the purchase of the 556-room InterContinental Chicago O'Hare Hotel, expected to close at the end of the month, along with the addition of Loews Chicago, a 400-room new build hotel, located downtown which will open in February 2015. Loews Hotels continues to add properties in gateway cities and resort destinations.