Loews plans $70M renovation of Regency in New York

Bloomberg reports that Loews Corp. plans a $70-million renovation of the 354-room Loews Regency Hotel New York. The upgrades should be completed by February 2014, in time for the Super Bowl, which will be held at MetLife Stadium in nearby East Rutherford, N.J. The venue is the shared home of the New York Giants, which is 50 percent-owned by members of the Tisch family, Loews Corp.’s founders. The Regency renovation will be done in stages to avoid service disruptions and is part of an initiative to overhaul and bolster Loews Corp.'s hotel business. Paul Whetsell, CEO of Loews Hotels, said he plans to more than triple the division's net income by the end of 2015 by increasing its hotel count of 18 to about 30, Bloomberg reports.
 

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