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News for the Hospitality Executive |
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HEI Hotels & Resorts Acquires the 234-suite Embassy
Suites Tysons Corner
in Northern Virginia; HEI�s 7th Acquisition of the Year,
the Hotel Will
Undergo $7 million Renovation
.
 NORWALK,
Conn., December 26, 2007� HEI Hotels & Resorts, a rapidly growing hotel
ownership and operating company, today announced that it has acquired the
234-suite Embassy Suites Tysons Corner in northern Virginia�s high-growth
Fairfax County for an undisclosed amount from investors advised by Prudential
Real Estate Investors (PREI®). The property represents HEI�s
7th acquisition of the year, adding an another high-quality product to
the company�s burgeoning hotel portfolio.
The hotel will undergo an extensive, $7 million renovation that will include all guest suites, bathrooms, corridors, lobby and public space, building exterior, and modernization of some back-of-the-house facilities and systems. The renovation will be completed in phases to minimize any disruption to guests. �This is our second property in the economically thriving northern Virginia area, 15 miles west of the nation�s capital,� said Steve Mendell, HEI�s executive vice president � acquisitions and development. �A strong addition to our upper upscale portfolio, the Embassy Suites already is a market leader there, which attests to the strength of its brand-loyal customer base and its ideal location for both business and leisure travelers.� Roger Clark, HEI�s senior vice president � acquisitions, noted that Fairfax County enjoys one of the most vibrant economies in the nation. �Northern Virginia�s strong government contracting market provides economic stability and the nation�s second largest technology corridor provides opportunity for growth. Tyson�s Corner is home to seven Fortune 500 companies, 22 million square feet of office space, and more than 5.6 million square feet of retail space, all within a short distance of the hotel. That kind of density offers real barriers to new supply, and a full-service hotel has not been added to the area in 20 years. The expected expansion of Washington�s Metrorail system to Tysons Corner, including a stop in front of the hotel, is a major plus.� Mendell added that HEI has considerable funds available for additional acquisitions despite the changing economic landscape. �We continue to have a healthy appetite for hotel purchases and expect to maintain our aggressive pace in 2008.� The Embassy Suites Tysons Corner is located in the heart of Fairfax County, (8517 Leesburg Pike, Vienna, Virginia) at the crossroads of the Capital Beltway (I-495) and the Dulles Toll Road (Rt. 267), equidistant between Washington, D.C. and Washington Dulles International Airport. In addition to Embassy Suites� hallmark complimentary cooked-to-order breakfast and daily manager�s reception, the eight-story property features 1,770 square feet of meeting space, an atrium bar and restaurant, fitness center and business center. Jones Lang LaSalle brokered the transaction. About HEI Hotels & Resorts HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Embassy Suites, and Hilton. |
| Contact:
Jess Petitt
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