Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE:L), today announced that it has entered into an agreement to purchase the 120-room Hotel 1000. The acquisition is expected to close Thursday, January 28.
"Seattle has been a target destination for us as we expand our brands into major U.S. markets. Hotel 1000 has an ideal location, stellar reputation and a quality product," said Kirk Kinsell, President & CEO of Loews Hotels & Resorts. "We will continue to operate the hotel as Hotel 1000, a leading hotel in the market, which has offered a consistent luxury experience since it first opened in 2006, and in 2017 will transition the hotel into our luxury brand, Loews Regency."
Located at the intersection of 1000 First Avenue and Madison Street, Hotel 1000 is ideally located just steps from the waterfront along Elliott Bay, and conveniently centered between Pike Place Market, Seattle Art Museum, the business district and historic Pioneer Square. The hotel features 120 luxury guest rooms, 6,000 square feet of meeting space, BOKA Restaurant & Bar, The Spaahh and a golf simulator.
Hotel 1000 is the ninth addition to Loews Hotels, growing its total guestroom count by nearly 40% over since 2012. Loews Hotels opened the 400-room Loews Chicago Hotel in March 2015 and acquired the former Mandarin Oriental San Francisco, now Loews Regency San Francisco in April 2015. Loews Sapphire Falls Resort at Universal Orlando, the fifth hotel in partnership with Comcast NBC Universal, will open in summer 2016. The company is now represented in 16 of the top 25 U.S. lodging markets, as defined by Smith Travel Research, and continues to seek to grow its three brands in gateway cities and resort destinations both domestically and abroad.
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