Loews Hotels Pursues $435 Million Expansion in Texas and Florida [Yahoo! Finance]
Loews Corporation (L)
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Source: Yahoo! Finance
Loews Hotels said it had made an equity investment of nearly $435 million in these four soon-to-open hotels, and put together nearly $600 million in debt and partner equity. On February 13, Loews Hotels will open the 888-room Loews Arlington in Texas. It owns 95% of the property. It's a new construction project and next to a convention center, across from the new stadium home of the Texas Rangers, and also by the home of the Dallas Cowboys. The hotel marks the brand's second property in Texas, after the Live by Loews that debuted in Arlington in 2019. In Florida, Loews is making an even bigger expansion. It is the half-owner, with Universal Studios, of three hotels that are set to open next year at the Universal Orlando theme parks. One of the hotels will be inside Universal Orlando's upcoming $1 billion Epic Universe Theme Park The expansion in Orlando represents a consolidation of Loews' long-term bet on Florida. Before the expansion, it had 61% of its systemwide hotel rooms
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