News for the Hospitality Executive
NORWALK, Conn., May 18, 2011 -- HEI Hotels & Resorts, one of the nation’s most dynamic independent hotel ownership and operating companies, today announced that it has acquired the 309-room Sheraton Dallas North in Texas for an undisclosed amount. The property is its second hotel acquisition of 2011, their sixth hotel under Starwood’s Sheraton brand and HEI’s 34th owned hotel. The hotel was acquired out of REO directly from a lender that foreclosed on the property.
"This is a core HEI asset in a prime location in the foremost business center of Dallas and, once renovations are completed, will align perfectly with our portfolio of upper-upscale properties in leading US markets," said Steve Mendell, HEI's president - acquisitions and development. "This is the sixth acquisition of HEI Hospitality Fund III, and we continue to seek out assets that leverage the experience of our multi-disciplinary owner/operator platform."
Situated in the heart of Dallas' famous Galleria area, Sheraton Dallas North is just minutes away from a wide variety of shopping, dining and entertainment options and only a 20 minute ride from the Dallas/Ft. Worth airport. Also known for its bustling business district, the Galleria is home to many recognizable blue chip corporations, such as Nordstrom's corporate headquarters and the offices of FedEx/Kinko's, Highland Capital Management, ABC Broadcasting/Disney and Coca Cola.
"Our knowledge of both the brand and the region made this a particularly attractive deal for us," said Anthony Rutledge, HEI's chief financial officer. We are uniquely positioned to maximize this hotel's performance through our industry-leading management team's deep understanding and experience of the brand and region."
HEI’s acquisition of the Sheraton North Dallas underscores our ability to seek value-added hotel opportunities that will benefit from our core strengths in management and renovation” says Russell Urban, HEI’s senior vice president of acquisitions. “We have confidence in the market recovery and our ability to drive profitability through a comprehensive renovation.”
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, Le Meridien, Embassy Suites, and Hilton. For more information about HEI, visit the company's website, www.heihotels.com.
| Media Contact:
Daly Gray, Inc.
Hotels & Resorts Names Three General Managers and One Hotel Manager
at Properties in Minneapolis, Atlanta and Philadelphia / April 2011
Hotels & Resorts Promotes Four to General Manager Positions at East
Coast Hotels / February 2011
Hotels & Resorts Issues Statement in Response to Inaccurate Reports
in the Media Regarding an Investor in HEI Hotels & Resorts /
Hotels & Resorts Sells the 293-suite Embassy Suites Irvine – Orange
County Airport; HEI to Retain Management Responsibilities /
Hotels Appoints Joe Shurmur to Manage Detroit Metro Airport Marriott
and Randi Hamilton to Manage Detroit Marriott Southfield / October
|HEI Hospitality/Greenfield Partners/GIC to Acquire Five Marriott Hotels from Host Marriott for $70 million / January 2004|