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News for the Hospitality Executive |
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HEI Hotels & Resorts Acquires The 255 room Westin
St. Louis;
Planning a $7 Million Upgrade
.
 NORWALK,
Conn., Oct. 9, 2007�HEI Hotels & Resorts, a rapidly growing hotel ownership
and operating company, today announced that it has acquired the 255-room
Westin St. Louis in Missouri, for an undisclosed amount from Cupples Station
Hotel, L.P., a joint venture comprised of McCormack Baron Salazar and AIG/SunAmerica.
The AAA Four-Diamond Award hotel will be managed by HEI.
This marks the 13th property acquired under the HEI Hospitality Fund II, L.P. The hotel, which opened in 2001, will undergo a $7 million enhancement program in stages over the next three years to ensure minimal guest disruption, while enhancing the overall guest experience. Key elements of the upgrade will include a complete lobby renovation, full soft goods replacement, installation of flat screen televisions in all of the guestrooms, and refurbishment of the meeting space. �Voted �the number one Westin in the world� in a 2005 Starwood guest survey, the Westin St. Louis enjoys an excellent location next to the new Busch Stadium,� said Steve Mendell, HEI�s executive vice president of acquisitions and development. �Following the completion of the Ballpark Village in 2009 and the hotel�s on-going refurbishment program, the property will be the preeminent destination for guests seeking luxury accommodations.� Located in the heart of St. Louis� historic Cupples Station area, the Westin St. Louis is within walking distance of the city�s famed Gateway Arch, Edward Jones Dome, the Mississippi River, America�s Center convention complex, GenAmerica Financial Corporation and Bank of America offices. The property houses the Solera Spa and Health Club, a full-service spa, featuring a wide selection of signature treatments including massage, body treatments, and facials. The hotel also features the contemporary Clark Street Grill with a menu of American cuisine with French and Asian influence. �St. Louis is in the midst of a downtown renaissance and is one of the premier cities in the country,� said Jin Lee, HEI�s senior vice president of acquisitions and development. �This gateway market is home to a number of Fortune 500 companies, as well as thriving hockey, baseball and football franchises. The property is a unique adaptive reuse of historic warehouse buildings and features oversized rooms and large bathrooms with a soaking tub and a separate shower. While the AAA Four Diamond hotel already is in very good condition, it will benefit further from an on-going enhancement program that will maintain its position as a market leader.� The hotel provides approximately 14,000 square feet of flexible meeting/function space; a full-service business center; and Unwind�, an evening get-together featuring complimentary food and beverages. All guestrooms feature the famed Westin Heavenly Bed® and Heavenly Bath®, minibars, wireless and wired Internet, oversized working desk with ergonomic chair, a chaise lounge for relaxation, and large, four-fixture bathrooms. �The Westin St Louis attracted a number of investors due to the asset�s strong performance and position in the marketplace� said Howard Heitner, chief operating officer of SunAmerica Affordable Housing Partners. �The hotel is an excellent example of a historic conversion that blends modern amenities with historic charm.� 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. For more information about HEI, visit the company�s website, www.heihotels.com. |
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HEI Hotels & Resorts
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