Loews Hotels & Resorts promoted Michael Palmeri to SVP, acquisitions and development, a position with the responsibility for leading the company’s property acquisitions, real estate development and capital raising.
The moves comes after Troy Furbay, Loews' former CIO, took a position with DiamondRock Hospitality.
Palmeri joined Loews in 2011 and played an instrumental role in the recently acquired hotels in Los Angeles, Washington, D.C. and Boston.
“Michael and his team are playing a vital part as we focus on growing and expanding our portfolio domestically and internationally,” said Paul Whetsell, president & CEO of Loews Hotels & Resorts. “He has been integral in acquiring our new hotels and bringing on the right capital partners at the right time.”
Palmeri joined Loews with lodging investment experience having worked in acquisitions and asset management for hotel operating investment platforms, including Chicago-based Abacus Lodging Investors, and San Francisco-based Chartres Lodging Group. He has invested and closed on more than $3.0 billion in full-service, upscale hotel real estate in major U.S. markets.