LOS ANGELES – June 15, 2012 – CIM Group announced today the sale of the Renaissance Hollywood Hotel, located at the Hollywood & Highland Center®, to Loews Hotels, a subsidiary of the Loews Corporation. Effective June 16, 2012, the hotel was renamed Loews Hollywood Hotel. CIM Group continues to own and manage the Hollywood & Highland Center®.
“We welcome the addition of Loews as the hotel owner, and also as our new partner at Hollywood & Highland, and we look forward to working with Lowes to incorporate its brand into the Center’s events and programming and the Hollywood community,” said Avi Shemesh, Co-Founder of CIM Group. “Hollywood & Highland has proved to be an excellent investment, and we have been thrilled to see it grow to become a major retail and entertainment destination that now draws millions of visitors annually.”
In 1998, CIM identified Hollywood as an emerging urban district that meets the firm’s strategic investment guidelines. CIM acquired Hollywood & Highland Center in 2004. Recognizing serious design flaws, CIM made sweeping changes to the development that better addressed the needs of the community. Later that year, CIM acquired the Renaissance Hollywood Hotel as well as other properties in the area, and has continued to acquire and develop a portfolio of properties that include office, retail, hotel and multi-family residential investments. CIM also established its headquarters in the Hollywood community.
The Loews Hollywood Hotel features 632 guestrooms including 32 suites as well as more than 48,000 square feet of meeting space. The property will remain open while undergoing a $26 million dollar renovation beginning later this year.
“We continually look to enhance our uniquely local guest experiences through our style of comfortable luxury and genuine service combined with properties in the best locations,” said Jonathan Tisch, Chairman of Loews Hotels. “The Loews Hollywood Hotel embodies the essence of Los Angeles, and the addition of our signature services and upgraded amenities will match the energy and vibrant culture of Hollywood.”
“The Loews Hollywood Hotel marks the beginning of our commitment to growing the Loews brand,” said Paul Whetsell, CEO of Loews Hotels. “As one of North America’s leading luxury hotel companies, this property in Los Angeles is an exceptional addition to our expanding portfolio.”
The property opened in 2001 and has established itself as the premier hotel location in the movie-making capital of the world. Set with spectacular views of the world-famous Hollywood sign and located near the renowned Walk of Fame, the Hotel rises 20 stories just north of the intersection of Hollywood Boulevard and Highland Avenue, placing it in the heart of Los Angeles’ most dynamic neighborhood.
As part of the Hollywood & Highland Center, the Loews Hollywood Hotel offers guests direct access to the 460,000-square-foot center with more than 80 shops, 26 restaurants and eateries, two nightclubs, seven movie screens, eight bars, 12 bowling lanes, and the newly renamed Dolby Theatre™, which is home to the Academy Awards® and IRIS, Cirque du Soleil’s newest production and first resident show in Los Angeles.
Guests can expect the creative elements and amenities, innovative programs and superior service for which Loews Hotels is known. The hotel’s most defining features – the spa, pool terrace, restaurant and event space – will be enhanced with the uniquely local touches that make Loews Hotels distinct. Wolfgang Puck Catering will continue to partner with Loews in the operation and catering of the 25,000-square-foot Grand Ballroom at Hollywood & Highland Center.
Since opening in 2001, the hotel has been operated by Marriot as the Renaissance Hollywood Hotel.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit www.cimgroup.com.
About Loews Hotels & Resorts
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 17 hotels and resorts in the U.S. and Canada. Located in major city centers and resort destinations 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 on Loews Hotels, call 1-800-23-LOEWS or visit: www.loewshotels.com. Follow Loews Hotels on Twitter: www.twitter.com/lLoews_Hotels
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