HEI Earmarks $1.5 Billion Toward Hotel Acquisitions
Thursday February 5th, 2009 - 11:10AM W
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NORWALK, CT—Owner/operator HEI Hotels & Resorts, based here, has revealed plans to deploy up to $1.5 billion of its third fund during 2009.
HEI Hospitality Fund III, L.P., is a fully discretionary fund which has approximately $500 million in equity and is intended to acquire or develop between $1.5 billion and $2 billion in hotels and resorts over the next two years.
According to the company, the fund will target full-service, upper-upscale and luxury hotels, resorts and premium select-service hotels in the U.S., Canada and Caribbean under leading brands. Desired locations include downtown central business districts in urban, premium suburban and airport sites.
Tags: • Hospitality •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.