MetLife Investment Management and Loews Hotels & Resorts have listed the Loews Hollywood Hotel for $125 million, significantly below the $40 million purchase price in 2012.
The 625-key hotel is being marketed as a redevelopment opportunity, or an option for a new brand to take the property, following a $26 million renovation plan.
The proposed sale price of $125 million is reportedly below replacement cost, highlighting the challenges in the current hotel market amid rising interest rates.
Loews is strategically divesting from Hollywood while pursuing redevelopment investments in other markets, such as the 311-room Sheraton Arlington Hotel in Dallas.
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