Loews to Purchase Hotel at Lake Las Vegas

Loews Lake Las Vegas Resort To Receive Substantial Capital Investment to Introduce Loews Hotels' Fou

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. October 14, 2008

LAS VEGAS, NV, November 13, 2006. Loews Hotels plans to acquire and will assume management of the Hyatt Regency Lake Las Vegas Resort, which will be renamed the Loews Lake Las Vegas Resort. Purchase of the 493-room property, expected to close in early December, will be funded by a joint venture of a single investor (75% equity) and Loews Hotels (25% equity), signaling the start of the hotel company's expansion campaign. Five million dollars will be invested in the property to introduce Loews Hotels branded services and amenities, which exceed AAA Four Diamond standards to delight guests with a supremely comfortable, uniquely local and vibrant travel experience.

Loews Hotels, which had previously announced plans to build within the Lake Las Vegas Resort community, has seized on this opportunity for a more immediate entry into the growing Lake Las Vegas Resort marketplace. This is Loews Hotels' first property in Nevada.

'This property is a perfect addition to the Loews portfolio,' said Jonathan Tisch, Chairman and CEO of Loews Hotels. 'Lake Las Vegas Resort is one of the hottest meeting destinations in the country with great airlift, incredible weather year-round and, of course, a range of amenities including award-winning golf, water sports and the legendary Las Vegas Strip nearby. We will add to this destination's sparkling reputation among meeting planners by introducing Loews Hotels' innovative branded programs to this resort,' said Tisch.

'We are very proud to welcome Loews Hotels to Nevada and to Lake Las Vegas Resort,' said Ronald F. Boeddeker, Chairman of Transcontinental Corporation, the owners of Lake Las Vegas Resort. 'Our goal has always been to offer our visitors a world-class resort destination experience with top-rated hotel choices. The Loews brand with their luxury services and amenities certainly is an excellent addition.'

'Luxurious upgrades are planned for this already well-established property, allowing us to give our customers what they've asked for - a Loews experience in Lake Las Vegas Resort,' said Jack Adler, President of Loews Hotels. Adler also announced the appointment of Dale McDaniel as Managing Director of the resort; he most recently served as the General Manager of the Loews Royal Pacific Resort in Orlando, Florida.

Upgrades to the property are planned to begin immediately after the deal closes. They include the addition of 32' flat screen televisions in all guest rooms; the renovation of all suites and casitas; updating of the resort's pool decks, cabanas and palm-shaded terraces; and renovation of the lakeside fire pit. Guest bathrooms will be enhanced to include lighted make-up mirrors, updated vanity areas, and new hairdryers, scales and towels.

In keeping with Loews Hotels' steadfast service commitment, upgrades extend beyond the physical product. 'Dollars will also be directed to Loews new branded training program and to the implementation of our new service standards, such as twice-daily housekeeping service, vibrant lobby entertainment and complementary welcome beverage,' said Adler. To this end, guest comfort and intuitive service are key points of difference.

The services and amenities complement Loews Hotels' popular branded programs, such as Loews Loves Kids, Loews Loves Pets and Breakfast at Loews, as well as its innovative partnership with toymaker Fisher-Price.

Situated on 21 acres of lakefront property just 17 miles from the Las Vegas Strip, Loews Lake Las Vegas Resort is the centerpiece of the nearly 4,000-acre Lake Las Vegas Resort community in Henderson, Nevada. The hotel's 493 guest rooms and suites feature sweeping views of the lake and surrounding mountains. The resort has four restaurants, a 9,000-square-foot spa, and a children's camp facility. Recreational diversions include two swimming pools and golf on two championship courses. An adventure concierge stands ready to coordinate a range of adrenaline-inducing excursions, including treks to the Grand Canyon, kayaking on the Colorado River and Hummer tours of Nevada's Valley of Fire.