New York insurance giant MetLife Inc. has become a joint owner of the Loews Hollywood Hotel next to the Hollywood & Highland Center.
The company late Wednesday announced its joint venture with New York hotel operator Loews Hotels & Resorts, which bought the 632-room hotel at 1701 Highland Ave. in June for an estimated $165 million.
Neither firm disclosed the financial terms of this new partnership but CoStar Group Inc. reports MetLife’s investment price as $84.5 million.
The two companies are also partnered at Loews Atlanta Hotel.
“We are committed to collaborating with proven investors that have similar financial return goals,” Paul Whetsell, president and chief executive of Loews Hotels & Resorts, said in a statement. “MetLife is a great partner as we invest in our portfolio and expand the Loews brand.”
MetLife declined to comment and Loews did not return a calls for this report.