Hotel Online  Special Report

HEI Hospitality Acquires the 351-room Hilton
Mission Valley Hotel in San Diego, California


NORWALK, Conn., March 28, 2005 — HEI Hospitality, a rapidly growing hotel ownership and operating company, today announced that it has completed the acquisition of the 351-room Hilton Mission Valley Hotel in San Diego, Calif.  The company plans to invest approximately $9 million during the next 12 months to upgrade the facility.

“This is our fourth hotel acquisition on the West Coast in the past year and matches up well with the properties we are targeting—stabilized and turn-around hotels or portfolios of first class, full-service hotels and resorts with 200 to 500 rooms,” said Gary Mendell, Chief Executive Officer.  “We continue to have a great deal of interest in the San Diego market, as well as such markets as Los Angeles, San Francisco, Portland and Seattle, for well located hotels in areas with high barriers to new competition.  We also have a healthy appetite for resorts throughout the region.”

“The Hilton Mission Valley is a strong addition to the portfolio we are building for the HEI Hospitality Fund, a $275 million private equity investment fund we formed in June 2004,” said Stephen Mendell, executive vice president-acquisitions & development.  “Our goal remains to invest approximately $500 million annually over the next three to five years.” 

The $9 million renovation will include substantial upgrades to all of the guest rooms, meeting space, common areas and food and beverage outlets.

Located at 901 Camino del Rio South in San Diego, the Hilton Mission Valley Hotel is just minutes from such local attractions as the San Diego Zoo, San Diego Wild Animal Park, Sea World, San Diego Convention Center, numerous beaches and universities.  The hotel provides a fully equipped business center, heated outdoor pool, exercise facilities, whirlpool, dry sauna and two restaurants, the upscale Monterey Whaling Company and the more casual Padre’s Sports Bar & Grille.  Rooms are furnished with upscale amenities, dual line telephones and high speed Internet access.

Colliers International acted as the broker in the transaction.

HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment firm that owns and/or operates 25 first-class and 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.

Gary Mendell
HEI Hospitality
 (203) 849-6065
Also See: HEI Hospitality Fund Acquires Hilton Long Beach for approximately $77 million; Plans $5 Million Renovation / January 2005
HEI Hospitality Acquires Omni Indianapolis North Hotel; Plans Conversion to Hilton Hotel Brand / September 2004

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