The Renaissance Hollywood Hotel & Spa is getting a new owner and a makeover, reports the L.A. Times blog Money & Co.
Loews Hotels & Resorts is reportedly buying the property estimated to value $165 million by hospitality industry experts. The transaction is expected close later this month.
A $26 million renovation of the hotel is in store. A representative declined to give details to the Times about renovation plans, but said it would include all rooms and public spaces in the hotel.