HEI Earmarks $1.5 Billion Toward Hotel Acquisitions

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.

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