|SAN DIEGO, Dec. 21, 1999 - Loews Hotels is pleased to announce
that it was the winning bidder at a court-ordered auction held last Thursday,
and will purchase the 440-room bayside Loews Coronado Bay Resort.
The previous ownership—Coronado Bay Hotel Venture—was forced into an involuntary
bankruptcy earlier this year as a result of a dispute among the partners
of the Venture. The filing was not a reflection upon the financial performance
of the resort, which has been managed by Loews Hotels since its opening
resort has performed well under our management and we look forward to many
more profitable years,” stated Jonathan Tisch, President and Chief Executive
Officer of Loews Hotels. “The purchase will enable Loews to maintain and
enhance the property’s positioning as a four-star, four-diamond resort
and is right in line with our strategy to build a brand of unique four
and five star hotels,” he further commented.
Surrounded by the San Diego-Coronado Bay, the Pacific Ocean and its
own private 80-slip marina, Loews Coronado Bay Resort is a California-Mediterranean
style resort with expansive bayview accommodations, award-winning cuisine
and a complete range of onsite recreational activities for families and
business travelers alike.
The resort recently completed a $3.5 million renovation involving the
redecoration of all guestrooms and public space, as well as refurbishment
of the resort’s acclaimed restaurant, Azzura Point, which recently landed
a coveted slot in the Zagat Restaurant Survey’s “America’s Top Restaurants”
for 1999. Plans are underway to renew the popular Bay Side Villas in 2000.
With 25,000 square feet of indoor meeting rooms and more than 50,000 square
feet of richly landscaped patios, courtyards and garden alcoves, Loews
offers ample space and amenities for conventions, parties and meetings.
The centerpiece of its convention facilities is the 14,000 square foot
junior ballroom and seven corporate class break out rooms.
Year after year, Loews Coronado Bay Resort racks up kudos, among them
the Pinnacle Award from Successful Meetings magazine—the industry mark
of excellence for outstanding meeting facilities and service; “Best Hotel/Resort
Dining,” and “Best Brunch” awards by the critics and readers of San Diego
Magazine; and the “Best Hotel Dining” and “Best Brunch” Gold Medallion
Awards from the San Diego Restaurant Association. Situated on a private
15-acre peninsula off the quiet island of Coronado, Loews Coronado Bay
Resort offers easy access to San Diego’s numerous attractions, as well
as a quick 15-minute drive to San Diego International Airport.
Loews Hotels currently owns and/or operates 14 hotels and resorts in
the U.S. and Canada. As part of the largest expansion in the chain’s history,
the company has recently opened three new properties, with four more in
various stages of development. These include the first ever House of Blues
Hotel, a Loews Hotel, a 367-room property located in Chicago’s Marina City
that opened in October 1998, and the opening of the 800-room Loews Miami
Beach Hotel in December. And, as part of a joint venture with Universal,
Inc. and the Rank Organisation, Loews Hotels opened the first of three
hotels located at Universal Studios Escape in Orlando. The 750-room Portofino
Bay Hotel at Universal Studios Escape, a Loews Hotel, opened in September
1999. That will be followed by the 650-room Hard Rock Hotel at Universal
Studios Escape in Fall 2000, and the 1,000-room Royal Pacific Resort at
Universal Studios Escape, a Loews Hotel, in 2001. Also in development is
the conversion of the landmark PSFS building, which will open in April
2000 as the 585-room Loews Philadelphia Hotel. Most recently, Loews announced
the development of the 432 room Loews Boston Hotel, a ground-up development
located in the city’s theater district, which is scheduled to open in 2002.