Acquisitions, HEI Hospitality
|NORWALK, Conn., November 11, 2003 — HEI Hospitality,
a rapidly growing hotel ownership and operating company, today announced
that it has named Roger Clark to the new position of senior vice president,
acquisitions. He will play a key role in the company’s plan to add
up to an additional $750 million in hotel acquisitions to HEI’s current
portfolio. He will report to Stephen Mendell, HEI’s executive vice
president of acquisitions and development. Clark will be involved
in all aspects of the company’s acquisition activities, including sourcing
properties, due diligence, and coordinating debt and equity requirements.
“We’ve grown rapidly in the past 12 months, acquiring more than $350 million in hotel assets,” said Gary Mendell, managing partner of HEI Hospitality. “In July, we completed the purchase of a portfolio of hotels from Starwood in a partnership with Olympus Real Estate and Rockwood Partners, and we have continued to seek first-class, full-service hotels, both individual properties and portfolios,” he said. “Now, as evidence of a recovery in the economy and the lodging industry continues to mount, we plan to continue our acquisition efforts. The addition of Roger Clark to our management team will allow us to do that.
“Roger is a 20-year veteran of the hospitality industry and has a well-earned reputation in both acquisitions and development,” Stephen Mendell said. “We have reviewed more properties in the past quarter than at any time in the past year and see this trend continuing, which is where Roger will play a key role. The spread between bid and ask prices continues to narrow, and we expect to be active acquirers. We believe now is the best time in this real estate cycle for experienced owner/operators to be acquiring hotels.”
Prior to joining HEI, Clark was senior vice president of development for New Castle Hotels, a privately owned hotel investment company that owns and/or operates 24 hotels with 3,913 rooms. Previously, he served in key development positions at Promus Companies’ Homewood Suites Division and at Interstate Hotels Corporation. He holds a BS degree from Bates College and a Masters of Hotel Administration from Cornell University.
HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment and hotel management group that owns and manages 13 first-class and full-service hotels throughout the United States with annual revenues of more than $145 million. Smilezzzz Hospitality is an independent hotel management company and a wholly owned subsidiary of HEI Hospitality.
|Also See:||Six Hoteliers Appointed to the Senior Management Team of Smilezzzz Hospitality / June 2003|
|Olympus Real Estate, Rockwood Capital, Prudential Real Estate Investors, HEI Hospitality to Acquire 14 Hotels from Starwood; Smilezzzz Hospitality to Manage Properties / May 2003|