Loews Hotels & Resorts Announces Michael Palmeri as Senior Vice President and New Head of Acquisitions and Development
Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced the promotion of Michael Palmeri to Senior Vice President, Acquisitions and Development, who will assume responsibility for leading the company?s property acquisitions, real estate development and capital raising.
?He has been integral in acquiring our new hotels and bringing on the right capital partners at the right time.?
Palmeri, who joined Loews Hotels & Resorts in 2011, has played an instrumental role in growing the company and expanding the Loews brand. Loews recently acquired hotels in Los Angeles, Washington, D.C. and Boston and today opens hotel four in Orlando, Universal?s Cabana Bay Beach Resort, a joint venture with NBC Universal. Additionally the company is developing a hotel in Chicago, which is scheduled to open in early 2015. He also plays a key role in managing new capital partners and raising equity for deals.
?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 extensive 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.
Palmeri received his bachelor?s degree from Cornell University and resides in Brooklyn, New York, with his wife.