Loews Hotels & Resorts will debut operations in the U.S. Midwest this summer after reaching an agreement to acquire Minneapolis's Graves 601 Hotel Wyndham Grand from Graves Hospitality Corp.

The 255-room hotel, located across the street from the Target Center sports arena, has more than 9,000 square feet of meetings space. Loews, which didn't disclose the purchase price, said the transaction will close by early July.

Loews has been steadily expanding its North American presence since early 2012, when it said it would spend more than a half-billion dollars acquiring and building hotels in major U.S. cities. The company, which has 20 North American properties, bought hotels in Los Angeles and Washington, D.C. in 2012 and acquired a Boston hotel last year. Loews also reopened New York City's Loews Regency in January after a $100 million renovation effort.

Loews will also open a Chicago hotel next year.

Follow Danny King on Twitter @dktravelweekly.

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