NEW YORK, NY (March 1, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today held a ceremonial groundbreaking in Chicago on the site where the company will open the Loews Chicago Hotel in 2015.
Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group (DRW) and the Honorable Mayor of Chicago Rahm Emanuel at the ceremony.
“Today marks a special day as we officially break ground on the Loews Chicago Hotel and become a member of this community,” said Jonathan Tisch. “This property, once completed, will be a wonderful addition to our portfolio and the Chicago skyline!”
“Even with Chicago’s hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago,” said Mayor Emanuel. “I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States.”
Currently being developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, the Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city. The hotel will be part of a highly visible 52-story tower comprised of the Loews Chicago Hotel and 398 luxury residential apartments.
“We are excited to partner with Loews in designing and delivering a hotel and residential product. The apartment and hotel combination will be a benefit to one another; offering amenities to residents that set us apart from the current market,” said Donald R. Wilson, Jr.
The addition of the Chicago property is part of the company’s strategy to add substantially to its portfolio of hotels over the next five years. Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.
About Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 19 hotels and resorts in the U.S. and Canada including the newly acquired Loews Madison Hotel located in the heart of Washington at the epicenter of legendary D.C. landmarks and the Loews Boston Back Bay Hotel, one of Boston’s preeminent historic buildings, situated on the corner of Berkeley and Stuart Streets. Located in major city centers and resort destinations in North America from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with a supremely comfortable, uniquely local and vibrant travel experience. For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com.
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About DRW Trading Group
DRW Holdings was founded in 1992 by Donald R. Wilson, Jr., as a proprietary trading firm specializing in market-making. The firm has grown by empowering a team of exceptional individuals to identity and capture trading opportunities in the global markets by leveraging and integrating technology, risk management and quantitative research. Since its founding, Mr. Wilson has added 10 partners and currently has over 500 employees with headquarters in Chicago and offices in New York and London. DRW created its real estate Group in 2009 to take advantage of opportunistic investments when developers were unable to raise capital from lenders or traditional sources of financing. DRW is committed to making real estate a key component of its expanding portfolio of fundamental investments.
Click here to view Chicago Hotel Groundbreaking Press Release