Loews Hotels & Resorts will purchase the Madison Hotel in Washington, D.C., effective in January 2013, it announced yesterday.For a recap of last week's top stories, check out MeetingNews Minute:
Located at 15th and M Street, The Madison has 356 guest rooms and more than 12,000 square feet of meeting space. Currently owned by Jamestown Properties, it opened in 1963 and recently completed a $23 million renovation of its guest rooms, lobby, restaurant and bar.
The Madison is the second major hotel purchase announced by Loews this year, according to the company, which said the acquisition is part of its goal to add "substantially" to its portfolio of hotels over the next five years.
"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," said Loews Hotels & Resorts President and CEO Paul Whetsell.
According to Loews, the hotel under its ownership will cater to mid-sized business groups and social events.
"During our ownership, we were struck by the quality and professionalism of the staff at the Madison, and are proud that its reputation for excellence remains in-tact," said Michael Phillips, chief operating officer for Jamestown Properties. "We are confident that the property will continue to flourish under the Loews flag once again."