SAN FRANCISCO — Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corp. (NYSE: L), has entered into an agreement to purchase the 158-room Mandarin Oriental, San Francisco hotel. The purchase price was undisclosed.
“We are excited to find a property that is consistent with the Loews brand,” Paul Whetsell, president and CEO of Loews Hotels & Resorts, told REBusinessOnline.com.
“This will be our first entree into San Francisco, a major gateway market and a very important location for Loews’ core customer base,” he added.
The acquisition is expected to close in late March, at which time Loews will rebrand the hotel. Whetsell declined to comment on plans for the rebranding.
Located in San Francisco’s Financial District, the hotel, which is currently managed by Mandarin Oriental Hotel Group, is situated on the top 11 floors of San Francisco’s third-tallest office building, 345 California Center, located at 222 Sansome St.
The hotel, located one-half mile from iconic Union Square, features unspoiled views of San Francisco and its bay, 158 guest rooms, the Brasserie S&P restaurant, more than 5,000 square feet of meeting space and a new 8,000-square-foot spa and fitness center.
The Mandarin Oriental, San Francisco hotel is the seventh addition to the Loews Hotels portfolio announced in the last 30 months.
Loews Hotels & Resorts owns and operates 23 hotels and resorts across the United States and Canada.
Loews’ stock price closed at $42.34 per share on Friday, Feb. 13, down from $43.99 per share a year ago.
— Scott Reid