New York-based Loews Hotels & Resorts, a subsidiary of Loews Corp., said Monday it has agreed to purchase the 556-room InterContinental Chicago O'Hare Hotel in Rosemont. The acquisition is expected to close in late July.
The InterContinental Chicago O'Hare will be the second hotel for Loews in the Chicago market and its third new hotel in the Midwest. Earlier this month, Loews agreed to purchase the Graves 601 Hotel in Minneapolis. Loews Chicago, a 400-room new build hotel in downtown Chicago will debut in February.
Loews spokeswoman Michelle Kelly declined to say the value of the deal and would not disclose any plans for the property.
This is all part of Loews Hotels' goal to expand its portfolio of hotels over the next few years. The company continues to add properties in gateway cities and resort destinations, Loews said in a statement.
"The Midwest is an area where we were looking to increase our presence," said Jonathan Tisch, chairman of Loews Hotels & Resorts. "Adding the Loews Chicago O'Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont, and one downtown with the new Loews Chicago Hotel opening in early 2015."
The InterContinental Chicago hotel features three restaurants and bars, more than 53,000 square feet of meeting and event space, and a curated art gallery.
• Daily Herald Business Writer Anna Marie Kukec contributed to this report.