Investor Presentation

2019
Legal Disclaimer
Forward-Looking Statements. The statements made in the course of this presentation and/or contained in the
presentation materials may include statements that relate to anticipated future events (forward-looking statements)
rather than actual present conditions or historical events. Forward-looking statements, by their nature, are
subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the
results projected. There are a number of important risk factors that could cause the actual results discussed in this
presentation to differ from those expressed in forward-looking statements contained herein, including those risk
factors relating to Loews Hotels discussed in detail in annual and quarterly reports and other filings made with the
SEC by Loews Corporation. Given these risk factors, investors and analysts should not place undue reliance on
forward-looking statements.

Non-GAAP Financial Measures. Certain financial information presented herein contains non-GAAP financial
measures. Management believes these measures are useful to understanding the key drivers of Loews Hotels’
operating performance. For reconciliations of non-GAAP measures to the most comparable GAAP measures and
other information, please refer to Loews Corporation’s Company Overview available at www.loews.com.

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews
Corporation contain important additional information regarding Loews Hotels and we urge you to read this
presentation together with those filings, copies of which are available, as applicable, at the corporate website of
Loews Corporation at www.loews.com or at the SEC’s website at www.sec.gov.

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Loews Hotels & Co
 Driven by our family heritage and a culture of excellence, Loews Hotels & Co is
a leading hospitality company with:
– Over 25 hotels across North America, including new developments
– Experienced operations, in which we play to our strengths
– Exceptionally valuable team of over 10,000 members
– A commitment to ownership: we own about two-thirds of our keys

 Loews has experienced a surge of recent growth and success

– Since 2012, Loews Hotels has more than doubled its room count and Adjusted EBITDA and has
increased system-wide EBITDA margin by ~700bps to almost 28%

System-Wide Guestrooms:
Significant Growth Since 2012

16,862

11,448 12,568 12,361

10,893 3,066
8,088 8,293 Under
Development*

2012 2013 2014 2015 2016 2017 2018

* Key count as of September 30, 2019.

Driven by family heritage
1946
Brothers Bob and Larry Tisch led their family
to acquire a 300-room resort hotel in
Northern New Jersey
1958
The Tisch brothers started purchasing shares
of Loews Inc., the parent company of MGM
movie studio, and eventually acquired a
controlling interest in Loews Theatres. The
Tisch Family moved to New York City, took
control of Loews Theatres, and began to
develop hotels on unprofitable movie theater
sites
1965
Loews Hotels owned and operated more than
8,000 rooms in eight hotels in Manhattan
2004–2011
Loews Hotels did not actively invest in
adding hotel properties to its portfolio
2012
A new phase of strategic growth began for
the company, acquiring or developing nine
properties over the course of the next five
years
2017
The hospitality company was repositioned
as Loews Hotels & Co Established 1960.
This celebrates the heritage and history of
the Tisch family along with their legacy
and longevity in the hospitality industry

1990s
With the development of Loews Miami
Beach, Philadelphia and New Orleans, and
three hotels at Universal Orlando, Loews
Hotels focused on successful partnerships
and expanding its reputation
Americana Hotel, Miami Beach - Built by Bob and Larry Tisch, 1950s

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Loews has properties across the map
System-Wide Hotels

* Loews Hotels & Co currently has seven hotels operating in Orlando, with one more to open in 2020
We have a strategic focus on growth
Five new hotels currently announced and under development

Immersive
Core Destinations
Loews Hotels
Universal Orlando Other
▪ Company’s successful roots lie in ▪ Committed to the continued ▪ Built-in demand drivers
providing exceptional F&B and success of our partnership with ▪ Partnering with parties already
meeting space capability with Universal Orlando invested in the success of the
luxuriously designed demand drivers
accommodations
Endless Summer Resorts (2 hotels)
A combined 2,800 guest rooms at Universal
Orlando in Florida, the 750-key Surfside Inn and Live! by Loews
Suites opened in June 2019, and the 2,050-key - Arlington, TX
Loews Kansas City Dockside Inn and Suites will open in 2020 300 guest rooms
An 800-room hotel by Globe Life
will be built Park and AT&T
adjacent to the Stadium opened
convention center in August 2019
downtown Kansas
City, scheduled to
Live! by Loews
open in 2020
at Ballpark
Village
216 rooms at
Ballpark Village in
St. Louis, MO
scheduled to open
in 2020

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None of this would be possible without our exceptional team

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Our industry faces challenges

Strength of OTAs Consolidation

▪ Technology has driven changes in the hospitality
industry, including increasing the power of online
travel agencies (“OTAs”)
▪ The OTA landscape continues to shift as hotels fight to
reclaim top-line margin
▪ Hotels are focusing on direct booking and loyalty to
compete with OTAs such as Expedia and Orbitz
▪ Companies are consolidating to bolster strength,
largely in reaction to increasing industry disruption
▪ Larger size can create greater economies of scale and
leverage with third-parties
▪ Benefits also derived from larger distribution channels
and loyalty programs

Nov. 16, 2015

May 6, 2019

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We play to our strengths
Developers + Teams &
Universal Orlando Cities
Institutional Capital
Outstanding
partnerships:
owner / operator
model

Loews Chicago Hotel Loews Philadelphia Hotel Loews Miami Beach Hotel

Premiere
group
offerings
▪ 400 guestrooms ▪ 581 guestrooms ▪ 790 guestrooms
▪ Meeting space: 30,000 SF ▪ Meeting space: 47,000 SF ▪ Meeting space: 65,000 SF

Uniquely Local Programs Luxury Design Attractive Destinations

Engaging
guest
experiences

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We have seen financial growth and success
Positive growth in operating metrics drives EBITDA
Year Ended December 31,
Owned & JV Same Store Metrics 2016 2017 2018

Average Daily Rate (ADR) $257 $264 $272

Occupancy 80.6% 81.0% 82.9%

Revenue per Available Room (RevPAR) $207 $214 $226

Loews Hotels & Co

Adjusted EBITDA (in millions) $175 $199 $228

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1. Includes hotels that were open and operating without substantial constraints on availability from January 1, 2016 through December 31, 2018
2. Adjusted EBITDA is the total amount of EBITDA attributable to Loews Hotels & Co based on its percent ownership of each property (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property’s EBITDA
is included), plus management company EBITDA and excluding non-recurring items.
Trajectory of growth over time

Adjusted EBITDA
($ millions)

$228
$199
$175
$158
$123
$80 $68

2012 2013 2014 2015 2016 2017 2018

Pre-Tax Income
($ millions)

$73
$65

$28
$21 $22
$14

2012 2013 ($4) 2014 2015 2016 2017 2018

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Conclusion
Loews Hotels & Co has grown by playing to our strengths…

 We are an owner / operator with a flexible structure

 We offer incredible options for group customers

 We deliver unique experiences to our guests, supported by an incredible team

 Together, we have created a strong company with financial stability, a long-term

vision, and a competitive edge

…and we are looking forward to the future!

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