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HEI Subsidiary, Merritt Hospitality, Will Operate the Hotel |
 NORWALK,
Conn., June 26, 2006 � HEI Hospitality, a rapidly growing hospitality investment
and operating company, today announced that it has acquired the 293-room
Embassy Suites in Irvine, Calif., from a private entity. The company
will begin a $7 million renovation of the hotel in the first quarter of
2007, with an expected completion date of June 2007. This is the
third acquisition by the company�s recently announced HEI Hospitality Fund
II, a $425 million discretionary equity investment vehicle. Merritt
Hospitality, a wholly owned HEI subsidiary, will operate the hotel.
�Irvine is a very attractive market for us,� said Steve Mendell, HEI Hospitality executive vice president of acquisitions and development. �It is a dynamic, growing market with 18 million square feet of Class A office space, 30 million square feet of R&D space and more than 4,500 companies. The Embassy Suites has a strong following in the community and is the premier all-suite brand. The hotel has an excellent location in the heart of the Irvine Business Complex. The extensive renovation should enable the hotel to recapture its dominant competitive position.� Located at 2120 Main Street, the Embassy Suites Irvine provides 3,650 square feet of meeting space, the Main Street Grille, lounge, fitness center, indoor pool and business center. Guests stay in spacious two-room suites and receive a complimentary, cooked-to-order breakfast and a nightly manager's reception. Each suite features a private bedroom and living room, two televisions, a mini refrigerator, a microwave oven, and wireless, high-speed Internet access. The renovation will include a full soft and case goods replacement in the guestrooms, modernization of the guest baths; refurbishment of the lobby, meeting rooms, food and beverage facilities; expansion of the fitness center and; upgrades to the building systems and exterior. �The West Coast remains one of our most desired locations for acquisitions and developments,� said Jin Lee, HEI�s senior vice president of acquisitions and development. �In the past 18 months, we have invested more than $300 million in West Coast hotel assets and continue to have a healthy appetite for more.� HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment firm that owns and operates 30 first-class, 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. |
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