Loews Hotels & Resorts announced last week that the company has more than $500 million in discretionary capital designated for the acquisition of existing hotels and the development of new properties. Newly named president and CEO Paul Whetsell will lead the company's growth efforts and focus on key urban markets and resort destinations. The company's current portfolio consists of 18 properties in the U.S. and Canada. "Loews is seeking 4- to 5-star quality full-service hotel assets and portfolios, including group-oriented urban hotels, commercial transient urban hotels and destination resorts," said Troy Furbay, the company's executive vice president of acquisitions and development. "We are currently targeting cities such as Chicago; Boston; Washington, D.C.; San Francisco; Dallas; Seattle; New York, and Toronto, as well as top-tier sun, ski and golf resort destinations."