The Loews Hollywood Hotel.
MetLife Investment Management and Loews Hotels & Resorts are selling their hotel in the heart of Hollywood at a discount of around $40 million compared to the price Loews paid in 2012.
The 625-room property is for sale with a list price of $125 million, or about $200,000 per room, The Real Deal reported, citing Real Estate Alert.
Loews paid around $165 million in 2012, the Los Angeles Times reported at the time. MetLife formed a joint venture with Loews that same year and, according to TRD, holds a 50 percent stake in the hotel. Eastdil Secured holds the listing.
Located just steps from the Walk of Fame and Ovation Hollywood, the mall formerly known as Hollywood and Highland, TRD says it is being marketed as a “redevelopment opportunity” or an opportunity for a new brand to move in.
In 2021, Loews and MetLife secured a roughly $90 million refinancing from Värde Partners to pay off debt at HSBC, TRD reported. That debt was then rolled into a secured loan package. Morningstar data shows the loan matures in May 2026.
In the first half of 2024, individual hotel revenue in Los Angeles County fell 6% and dollar volume fell 79%, even as the median price per room rose 20.6%, according to a semi-annual report from Atlas Hospitality Group.
