CHICAGO—Loews Hotels & Resorts entered into an agreement to purchase the 556-room InterContinental Chicago O’Hare Hotel. The acquisition is expected to close in late July.
The InterContinental Chicago O’Hare will be the second hotel for Loews in the Chicago area and its third new hotel in the Midwest. Earlier this month, the company announced an agreement to purchase the Graves 601 Hotel in Minneapolis.
Loews Chicago, a 400-room, new-build hotel, located downtown, is slated to open in February 2015.
The acquisition is part of Loews Hotels’ goal to add substantially to its portfolio of hotels over the next few years, according to the company, with plans to continue to add properties in gateway cities and resort destinations.
“The Midwest is an area where we were looking to increase our presence,” stated Jonathan Tisch, chairman, Loews Hotels & Resorts. “Adding the Loews Chicago O’Hare to our portfolio allows us to offer two Loews experiences in the Chicago area: one in the booming area of Rosemont, IL, and one downtown with the new Loews Chicago Hotel opening in early 2015.”
Located less than two miles from O’Hare Airport and 13 miles from downtown Chicago, the InterContinental Chicago O’Hare is across the street from the Donald E. Stephen’s Convention Center, adjacent to the newly opened Fashion Outlets of Chicago and a few blocks from the Rosemont Entertainment district. The hotel features three restaurants and bars, more than 53,000 sq. ft. of meeting and event space and a curated art gallery.
“Loews Hotels has a strong reputation in the group meetings and conventions market and is known for delivering excellent customer service to our hotels,” said Paul Whetsell, president/CEO, Loews Hotels & Resorts. “We look forward to bringing that expertise and stellar service to guests and meeting attendees visiting this hotel.”
Headquartered in New York City, Loews Hotels & Resorts owns and/or operates 21 hotels and resorts in the United States and Canada.