With MetLife Stadium set to host the 2014 Super Bowl for the National Football League, hotel owner and diversified holdings company Loews Corp. has announced its plans to upgrade the Loews Regency Hotel New York with $70 million-worth in renovations.
The renovation will be performed in stages, and is part of Loews’ larger initiative to shore up its hotel business, in which it is expected to increase its number of hotels from 18 to 30 by 2015, according to Bloomberg.
Paul Whetsell, the CEO of Loews Hotels, told Bloomberg that the upcoming Super Bowl was the impetus for Loews Regency Hotel New York’s multi-million dollar renovation.
“The Super Bowl will be here. We want to definitely be done by then,” Mr. Whetsell told Bloomberg. He also said that Loews’ hotel division plans on making a “major” acquisition in Manhattan by the end of the year. Outside of New York City, Loews expects to purchase three new properties and develop its own ground-up project by the end of 2012.
Loews Hotels is ultimately aiming for a similar business model and portfolio size as Four Seasons Hotels Inc. and Marriott International Inc. (MAR)’s Ritz-Carlton brand, with about 60 to 70 properties, Whetsell said. The company is considering partnerships and buying other hotel portfolios to accelerate its expansion.
Jonathan Tisch, the chairman of Loews Hotels, is also a co-owner of the NY Giants. He was also the co-chairman of the board of the 2014 NY/NJ Super Bowl Host Committee.