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HEI Hotels to Deploy 1.5 Billion Hotel Acquisitios

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HEI Hotels & Resorts Looks to Deploy $1.5 Billion towards Hotel Acquisitions NORWALK, Conn., February 5– Officials of HEI Hotels & Resorts, the
nation’s fastest growing private owner/operator of hotel real estate, today
announced plans to deploy up to $1.5 billion from its third fund, HEI
Hospitality Fund III, L.P., during 2009. The fully discretionary fund has
approximately $500 million in equity, and intends to acquire or develop
between $1.5 billion and $2 billion in hotels and resorts over the next two

“We continue to actively seek hotels for our portfolio of full-service,
upper-upscale hotels in areas with high barriers to new development,” said
Steve Mendell, HEI’s executive vice president of acquisitions and
development. “For the first time in about 16 months, we are beginning to
see hotel prices come in line with market expectations as the expectation
gap narrows between buyers and sellers. We expect this trend to continue,
with prices becoming even more attractive as the year progresses. Since we
do have dry powder, we expect to be at the forefront of the acquisition
wave, which we expect to begin in the near future. Cash always is king in
this part of the real estate cycle, which we believe will give us a
competitive advantage, coupled with our ability to innovatively structure
transactions and our track record of closing quickly at an agreed-upon

The new fund will target full-service, upper-upscale and luxury hotels,
resorts and premium select-service hotels in the U.S., Canada and the
Caribbean affiliated with established leading brands. Desired locations
include downtown central business districts (CBDs) in urban, premium
suburban and airport sites. HEI also remains focused on complementing its
property portfolio with independent upper-upscale and resort properties
located in strong markets and select “takeout” opportunities to buy hotels
upon completion of construction from third-party developers.Visit to [please contact me for website address] find out more.
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3/24/2018 2:14:51 PM UTC