Press Release: Loews Hotels
December 1, 2000
NEW YORK, NY -- In a continuing effort to expand its portfolio of one-of-a-kind hotels, Loews Hotels has announced
that it will assume management of The Jefferson Hotel, the 100-room, antique-filled luxury hotel in Washington,
D.C. on December 1, 2000. As of that date, The Jefferson will be known as The Jefferson, a Loews Hotel. With the
addition of The Jefferson Hotel, Loews Hotels will operate two properties in the nation's capital, joining the
370-room Loews L'Enfant Plaza Hotel.
The Jefferson is owned by Value Enhancement Fund III, a real estate opportunity fund for institutional investors.
The Fund is managed by Lend Lease Real Estate Investments, the global real estate financial services company.
``We are delighted to expand in this important market,'' said Jonathan Tisch, President and CEO of Loews Hotels,
``particularly with a property that so perfectly reflects the destination's rich history and tradition. The Jefferson
embodies the uniqueness that we look for, from exquisite art and architectural detail to contemporary services
and amenities. The Jefferson is a natural addition to our expanding portfolio.''
``Loews was an obvious choice to manage The Jefferson.'' explained Michael DeNicola, Principal Lend Lease's Lodging
and Leisure group, ``Their management culture and excellent service programs will enhance our guests' experience
while respecting the heritage of the Jefferson.''
Located at 16th and M Streets in downtown Washington, D.C., just four blocks from the White House, The Jefferson's
Beaux Arts inspired building was constructed in 1923 as a residence for Washington society. In the 1940's, it was
converted into a hotel and housed military personnel during World War II. In 1986, the building was beautifully
restored and now features exquisite antiques in its public spaces and guestrooms, as well as an impressive collection
of American art and rare historical documents, including many signed by Thomas Jefferson. The Jefferson Hotel recently
completed a multi million-dollar renovation. Future plans include a renovation of the Hotel's lobby and reception
area in 2001.
Modern amenities and the efficient, unpretentious service for which Loews Hotels is known will complement the hotel's
classic elegance. The Jefferson will offer multi-lingual concierge service, 24-hour room service, use of the University
Club's full fitness amenities, and Loews branded programs including the Loews Did You Forget Closet, Loews Loves
Kids, Generation G and Loews Loves Pets programs.
Each guestroom is beautifully decorated with fine antiques and artwork. Rooms feature mini-bars, stereo systems,
and 2-line phones with Internet access. The Restaurant at The Jefferson features natural American cuisine with
a menu prepared monthly by Executive Chef James Hudock. Also prepared monthly is a tasting menu featuring wines
chosen to enhance the flavors of the Chef's favorite dishes.
An ideal location for small corporate meetings, The Jefferson features six meeting rooms, totaling more than 4,400
square feet.
As it does in every city in which it operates, Loews Hotels will continue to demonstrate its commitment to the
community through its Good Neighbor Policy. The award-winning outreach program addresses a range of social issues
and concerns, including hunger relief, literacy, environmental preservation and homelessness. These efforts have
also been expanded to include Welfare to Work programs at Loews Hotels to help transition former welfare recipients
into the lodging industry.
Loews Hotels currently owns and/or operates 16 hotels and resorts in the U.S. and Canada. As part of the largest
expansion in the chain's 54-year history, the company has recently opened four new properties, with three more
in various stages of development. These include the first ever House of Blues Hotel, a Loews Hotel, a 367-room
property located in Chicago's Marina City that opened in October 1998, and the opening of the 800-room Loews Miami
Beach Hotel in December 1998. And, as part of a joint venture with Universal, Inc. and the Rank Organisation, Loews
Hotels opened the first of three hotels located at Universal Orlando. The 750-room Portofino Bay Hotel at Universal
Orlando, a Loews Hotel, opened in September 1999. That will be followed by the 650-room Hard Rock Hotel at Universal
Orlando, a Loews Hotel, in January 2001, and the 1,000-room Royal Pacific Resort at Universal Orlando, a Loews
Hotel, in 2002. Most recently, Loews opened the 585-room Loews Philadelphia Hotel, a conversion of the landmark
PSFS building, in April 2000. Boston will also be home to a Loews Hotel, scheduled to open in 2003 is the 390-room
Loews Boston Hotel in the city's theater district. For reservations or more information on Loews Hotels, call 800-23-LOEWS
or check http://www.loewshotels.com.
Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world and a leading
U.S. real estate advisor to pension funds. The company has $41 billion in real estate and commercial mortgages
under management for institutional and private clients in the US. The company's hotel portfolio totals 19 properties
comprising approximately 4,700 rooms.
On a worldwide basis the Lend Lease Group is an integrated real estate funds management and services business comprising
funds management, project management and construction and property development. In real estate funds management,
Lend Lease provides equity and debt origination and management, in public and private markets, and manages $48
billion on behalf of clients globally. For additional information visit Lend Lease Real Estate Investments' website
at http://www.lendleaserei.com.
SOURCE: Loews Hotels