NEW YORK (AP) — Loews Hotels & Resorts said Tuesday that it will buy The Back Bay Hotel in Boston from The Doyle Collection for an undisclosed price.
The company, which is a subsidiary of Loews Corp., said the historic hotel is a unique addition to its portfolio.
The building was constructed in the 1920s as the Boston Police Department headquarters and was used as such until the late 1990s. It was redeveloped in 2004 and has 225 guestrooms.
The deal is expected to close in February.
Loews, based in New York, will hold 21 hotels following this deal, including two under construction. It follows several other recent acquisitions by Loews, including the Madison Hotel in Washington, D.C.
The company said it will continue to look at acquisitions in gateway cities and resort destinations as part of its plan to add hotels over the next five years.
Shares of Loews Corp. gained 43 cents to $43.25 by early afternoon. Its shares are near the top end of its 52-week trading range of $37.02 and $43.36.
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