Michael Palmeri has been promoted to senior vice president, acquisitions and development at Loews Hotels & Resorts, a wholly-owned subsidiary of Loews Corporation (NYSE: L). In his new role, he lead the company's property acquisitions, real estate development, and capital raising.
Palmeri joined Loews in 2011 and has been instrumental in its growth and expansion since. The firm has recently acquired hotels in Los Angeles, Boston, and Washington, DC; while opening a fourth in Orlando - Universal's Cabana Bay Beach Resort, a joint-venture with NBC Universal.
"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 and 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 brings extensive lodging investment experience, having held positions at Chicago-based Abacus Lodging Investors and San Francisco-based Chartres Lodging Group. Throughout his career he has been involved in the management and acquisition of more than $3 billion in full-service, upscale hotel real estate in major US markets.