HEI Hospitality, a lodging investment
firm, has revealed plans to grow its portfolio with the acquisition
and development of as much as $1 billion in hotel real estate this
year. In addition, the firm has changed its name to HEI Hotels
& Resorts to reflect to the new opportunities following the
combination of ownership and management of Merritt Hospitality, a
wholly owned subsidiary of HEI.
According to the
firm, HEI Hotels and Resorts largely focuses on developing
first-class hotels throughout the U.S. under such brand names as
Marriott, Sheraton, Westin, W, Embassy Suites and
Hilton.
"We have acquired
more than $2 billion in hotel-related real estate in the past four
years," said Gary Mendell, HEI chairman and CEO. "We remain
committed to investing approximately $500 million to $1 billion a
year for the foreseeable future."
To achieve that
goal, the firm has expanded its acquisition efforts beyond select
service to include full-service properties and mixed-use projects,
said Steve Mendell, HEIs executive vice president-acquisitions and
developments.
HEI, as part of a
joint venture, is currently developing a mixed-use project in
Hollywood, Calif., that will encompass a W Hotel with
residences.
The company said
its acquisition targets going forward include hotel brands
affiliated with Marriott, Hilton, Starwood, InterContinental and
Hyatt.
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to Michael Milligan at [email protected].