While 2008 was a tough year for Loews Corp., its hotel subsidiary performed reasonably well, particularly in light of the pressures on the upscale and luxury segments of the hotel industry. The parent company’s revenues fell sharply while a profit in 2007 turned into a loss last year, mostly due to charges and investment losses by an insurance subsidiary. The company reported three-month and year-end results this morning.

Results were brighter for Loews Hotels, which operates 16 hotels with nearly 7,500 rooms. The chain posted a 10-percent increase in net income in 2008, to $40 million, on a slight (1.0 percent) decrease in revenues, to $380 million.

On the flip side, the quarter ending Dec. 31 wasn’t very encouraging for the hotel division. Compared to the same three-month period a year-earlier, revenues dropped by 11.1 percent, to $88 million, while net income fell 42.8 percent, to $4 million.

At midday, Loews stock price had risen 22 cents to $25.20.