Source: Hotels - 4 December 2012
Loews Hotels & Resorts on Monday announced it has entered into an agreement to purchase the 356-room Madison Hotel in Washington, D.C., from Jamestown Properties. The acquisition closes in January 2013.
The Madison marks the second major hotel purchase announced by Loews Hotels this year as part of a goal to add substantially to its portfolio of hotels over the next five years. The hotel company continues to aggressively seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.
“The Madison completed a dramatic US$23 million renovation in 2012,” said Paul Whetsell, president & CEO, Loews Hotels & Resorts. “We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market.”
The Madison is home to one of the District’s top restaurants, the Federalist, and caters to mid-sized business groups and social events.