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Loews Hotels the Winning Bidder at a 
Court-Ordered Auction for the 
440-room Loews Coronado Bay Resort
 
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 in 1991. 

“The 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.

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Contact:
Emily Kanders 
of Loews Hotels, 
212-521-2833/
http://www.loewshotels.com
 
 
Also See: Chicago's 367 Room - House Of Blues Hotel, Sets Opening Date on October 1, 1998 / Aug 1998 
Loews Hotels, Rank America, Inc. and Universal Studios, Inc. Enter into Definitive Financing Agreement / June 1998 
Loews Hotels Sells Two New York City Hotels; To Focus on Four and Five Star Properties / Dec 1999 

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