Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today held a ceremonial groundbreaking in Chicago on the site where the company will open the Loews Chicago Hotel in 2015.
"We are excited to partner with Loews in designing and delivering a hotel and residential product. The apartment and hotel combination will be a benefit to one another; offering amenities to residents that set us apart from the current market"
Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group (DRW) and the Honorable Mayor of Chicago Rahm Emanuel at the ceremony.
"Today marks a special day as we officially break ground on the Loews Chicago Hotel and become a member of this community," said Jonathan Tisch. "This property, once completed, will be a wonderful addition to our portfolio and the Chicago skyline!"
"Even with Chicago's hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago," said Mayor Emanuel. "I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States."