(FROM THE WALL STREET JOURNAL 4/15/15)
Awake to New Power
Breakfast Across U.S.
The Loews Regency New York Hotel on Park Avenue is famous for
attracting tycoons and deal makers looking to schmooze over
breakfast.
Now its owner, Loews Hotels & Resorts, is looking to roll
out the power breakfast nationwide.
The New York-based hotel owner and operator expects to complete
its acquisition of San Francisco's Mandarin Oriental on Wednesday
for an undisclosed price. It is rebranding the hotel as the Loews
Regency San Francisco and plans for it to be one of many new Loews
Regency flags planted in major U.S. cities.
Loews Hotels Chairman Jonathan Tisch said in an interview that
the Regency brand will focus on city-center locations. "The power
breakfast will also certainly be a component," he said. "It
certainly has worked well for us for 30 years on Park Avenue."
-- Craig Karmin
Cashing In on Tech
Last year, a venture of Vantage Property Investors and SKS
Partners made a big profit by selling a warehouse-turned-office
building in San Francisco to Beacon Capital Partners for $185
million.
The deal came just three years after the venture took control of
888 Brannan St., paying $36 million, according to CoStar Group
Inc.
Now, just one year after taking control, Beacon is looking to
work some similar magic with the 400,000-square-foot building
nestled next to an elevated highway two miles from San Francisco's
downtown.
The firm has tapped Eastdil Secured to market the property --
which is the headquarters of website Airbnb -- in what will likely
be a display of how the tech sector has been changing the office
market.
For decades, the property was used mostly as a wholesale jewelry
mart.
-- Eliot Brown
Access Investor Kit for Loews Corp.
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