Thursday February 5th, 2009 - 11:10AM
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.