Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company and Universal Parks & Resorts have broken ground on Universal's Cabana Bay Beach Resort, currently one of the largest hotels under construction in the United States. The property will be owned in a joint venture with affiliates of Universal Parks & Resorts and Loews Hotels & Resorts. Universal's Cabana Bay Beach Resort is scheduled to open in 2014.
Universal's Cabana Bay Beach Resort will offer 900 family suites,
which include kitchen areas and 900 standard guest rooms – offering both moderate and value-priced accommodations. It is located on a 37-acre site within Universal Orlando Resort and adjacent to Universal's Islands of Adventure.
"The Orlando resort market and our partners at Universal are a fundamental part of our business," said Jonathan Tisch, Chairman of Loews Hotels & Resorts. "Universal Orlando is a beloved family destination and this new development will allow more families to enjoy the attractions and experience the unique theme parks."
Loews Hotels & Resorts' plans for the new Orlando hotel development follow the announcement of its most recent hotel acquisition, the 356-room Madison Hotel in the heart of Washington, D.C. Universal's Cabana Bay Beach Resort is the fourth hotel in partnership with Universal Parks & Resorts.
"Universal's Cabana Bay Beach Resort project is a key component in our development plans," said Paul Whetsell, President and CEO of Loews Hotels & Resorts. "Our partnership with Universal is integral to our growth as we strategically expand Loews Hotels."