Loews Hotels & Resorts, a wholly owned-subsidiary of
), inked a deal with The Doyle Collection to buy The Back Bay
Hotel in Boston. The transaction is expected to culminate next
month. The signing of this deal takes the company another step
closer toward achieving its goal of owning 30 hotels in the next
This property comprises 225 guestrooms, meeting and event space,
two dining options, Cuffs, an Irish Bar and The Stanhope Grille
and is located on the corner of Berkeley and Stuart Streets.
Apart from nearly doubling its hotel count, the company expects a
threefold increase in its net income in the next three years. As
a part of the goal, Loews Hotels & Resorts acquired two
hotels - Madison Hotel in Washington, D.C. and Renaissance Hotel
& Spa in Hollywood, California - in 2012. It has another two
hotels - The Loews Chicago Hotel, scheduled to open in January
2015 and Cabana Bay Beach Resort at Universal Orlando, scheduled
to open in 2014 - under construction. With this buy, Loews tally
reaches 21 hotels.
Earlier, Loews had stated that it intends to acquire and develop
properties in Boston, Chicago, San Francisco, Washington, D.C.,
New York, Dallas, Toronto and Seattle with its capital in hand.
These moves are a testimony of its plans.
These consistent efforts on the part of Loews helped it hit the
52 week high of $43.41 on Jan 22.
Loews has managed to post positive earnings surprises in 5 of the
10 quarters with an average beat of 6%. Most recently, in its
third quarter, it delivered an earnings surprise of 21.1%. The
Zacks Consensus Estimate for fourth quarter 2012 is currently
pegged at 37 cents while the same for 2012 is $1.80. Loews is
expected to release its fourth-quarter and full year 2012 results
on Feb 11.
Loews presently carries a Zacks Rank #4 (Sell). Other companies
from the same industry like
) carries a Zacks Rank #1 (Strong Buy), while
CNO Financial Group Inc.
FBL Financial Group Inc.
) carry a Zacks Rank #2 (Buy).
(AGESY): ETF Research Reports
CNO FINL GRP (CNO): Free Stock Analysis
FBL FINL GRP-A (FFG): Free Stock Analysis
LOEWS CORP (L): Free Stock Analysis Report
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