Hotel Online Special Report Loews Monte Carlo Hotel Sold – to be Renamed the Monte Carlo Grand Hotel HAMPTON, N.H – Nov. 13, 1998 — Latona Associates, a private investment and advisory firm headed by Paul M. Montrone, together with Monaco-based investor Toufic Aboukhater, today purchased the 619-room Loews Monte Carlo Hotel from Loews Hotels Holding Corporation for an undisclosed price. The hotel will be renamed the Monte Carlo Grand Hotel.
Last year, Latona was an advisor in the merger of Beacon Properties and Sam Zell-controlled Equity Office Properties Trust, a transaction that created the largest commercial real estate investment trust in the United States.
Monte Carlo Grand Hotel, built in 1975, is a convention and resort complex whose seven polygonal tiers jut into the Mediterranean or overlook the grand Prix racetrak. It has 30 suites, several restaurants and bars, a cabaret, a rooftop pool and a shopping arcade.
It is managed by Henri Lorenzi, general manager (president delegue), who will continue in his present position.
Latona blends operating expertise and financial know-how derived from a quarter-century of corporate experience in merges, acquisitions and the development of public and private companies.
Contact: Norman Ritter, 603/929-2322 Also See: Loews Corporation Adopts Senior Management Succession Plan / Nov 1998