Hotel Online
News for the Hospitality Executive


advertisement


HEI Hotels & Resorts Acquires 360-room San Diego
Marriott La Jolla in La Jolla, California



NORWALK, Conn., July 25, 2011
—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company has purchased the 360-room San Diego Marriott La Jolla in La Jolla, California, for an undisclosed amount.  The hotel is the ninth acquisition by HEI’s Fund III and is the 41st hotel in the company’s portfolio.

The hotel is located in the Golden Triangle, La Jolla’s pre-eminent business district, and convenient to local attractions and downtown San Diego.  La Jolla is considered one of the best San Diego locations because of its 4 million square feet of Class A office, R&D space, upscale retail, industrial product, multi-family and hospitality.

The hotel offers 23 meeting rooms and more than 16,000 square feet of total function space.  Additional amenities include four food and beverage outlets, indoor and outdoor swimming pool and whirlpool, and a business center.  HEI plans to execute a $20 million renovation beginning in 2012, to include guest rooms, lobby, meeting space, and expanded fitness facilities.

“As our second San Diego MSA hotel, the La Jolla property fits well with HEI’s core investment program on multiple fronts,” said Steve Mendell, president, acquisitions and development. “We were particularly attracted to this asset by the depth and diversity of the pharmaceutical and telecommunication businesses in La Jolla and the opportunity presented from our comprehensive planned renovation.”

“The Marriott La Jolla transaction was largely the result of our strong relationship with the seller, which we have transacted with several times over the preceding 12 months,” said Anthony Rutledge, chief financial officer.  “We are excited about the investment profile of this transaction and expanding our strategic relationships for future transactions with other key investment partners in the near future.”

“This is our 12th hotel in the Marriott brand family,” said Russ Urban, HEI’s SVP, acquisitions and development.  “HEI looks forward to continued expansion of its Marriott portfolio.”

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:

Chris Daly, media
(703) 435-6293
chris@dalygray.com


.
 
 Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here
 
Also See: HEI Hotels & Resorts Names Three General Managers; Dave Baxter, Daniel Bettencourt and Tom Mulroy / June 2011

HEI Hotels & Resorts Sells the 174-room Algonquin Hotel in New York City; HEI Will Retain Management Responsibilities / June 2011

HEI Hotels & Resorts' Fund III Acquires the 350-room Westin Pasadena in Pasadena, California / June 2011

HEI Hotels & Resorts' Fund III Acquires Sheraton National Hotel in Arlington, Virginia / May 2011

HEI Hotels & Resorts Acquires Foreclosed 309-room Sheraton Dallas North in Texas / May 2011

HEI Hotels & Resorts Names Three General Managers and One Hotel Manager at Properties in Minneapolis, Atlanta and Philadelphia / April 2011

HEI Hotels & Resorts Promotes Four to General Manager Positions at East Coast Hotels / February 2011

HEI Hotels & Resorts Issues Statement in Response to Inaccurate Reports in the Media Regarding an Investor in HEI Hotels & Resorts / January 2011

HEI Hotels & Resorts Sells the 293-suite Embassy Suites Irvine – Orange County Airport; HEI to Retain Management Responsibilities / November 2010

HEI Hotels Appoints Joe Shurmur to Manage Detroit Metro Airport Marriott and Randi Hamilton to Manage Detroit Marriott Southfield / October 2010

HEI Hospitality/Greenfield Partners/GIC to Acquire Five Marriott Hotels from Host Marriott for $70 million / January 2004
.

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.