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Will Seek Development Opportunities for Premium-branded Hotels |
NORWALK, Conn., November 29, 2005 � HEI Hospitality, a rapidly growing
hospitality investment and operating company, today announced that Russell
D. Urban has joined the company as senior vice president development to
spearhead a newly created hotel development division. Urban will
be responsible for sourcing and negotiating new development opportunities
for premium-branded hotels. Targeted brands range from the recently
announced aloft brand by Starwood, Courtyard by Marriott, Westin and Hilton
Garden Inn, as well as certain upscale extended-stay brands.
�With nearly 25 years of hotel, real estate and development experience, Russ adds substantial depth and real estate development expertise to our senior management team,� said Steve Mendell, executive vice president�acquisitions and development. �While the acquisition of first-class, full-service hotels will remain our primary focus, hotel development and ownership strategically extends our portfolio into high-growth segments that can provide HEI and its investors with appropriate risk-adjusted returns.� HEI will focus on developing hotels in the top 50 U.S. markets, seeking locations with long-term growth potential and high barriers to new competition. �The upper-tier segment, especially these brands, still has significant development opportunities,� Mendell noted. �We have considerable experience in the top markets and will use this knowledge and Russ� expertise to locate and develop hotel sites that have the highest potential.� Prior to joining HEI, Urban was a principal of Island Resort Collection,
a boutique ownership and operating company that purchased and managed boutique
resorts in the U.S., Caribbean and Mexico. The company focused on
repositioning and turning around hotel assets, as well as creating fractional
ownership programs.
Previously, he was owner and CEO of Urban Hotel Corporation that financed,
developed and operated focused-service hotels. He also held positions
with Marriott Corporation in development, primarily for the Courtyard by
Marriott hotel brand. He began his career as a consultant with Laventhal
and Horwath.
HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment firm that owns and/or operates 26 first-class and full-service hotels throughout the United States under such well-known brand names as Marriott, Sheraton, Westin and Hilton. Merritt Hospitality is an independent hotel management company and a wholly-owned subsidiary of HEI Hospitality. |
Contact:
Gary Mendell
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