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$1.5B on the Lookout for Hotels

NORWALK, CT-HEI Hotels & Resorts is unleashing its third hospitality fund onto the market to scoop up upper-upscale and luxury hotels.

By Ryan Clark | Updated on February 06, 2009

NORWALK, CT-HEI Hotels & Resorts–a private owner/operator of hotel real estate–is unleashing its HEI Hospitality Fund III, LP with up to $1.5 billion available. The fund is focused on upper-upscale and luxury hotels, resorts and premium select-service hotels in the US, Canada and the Caribbean, preferably associated with top brands.

“We continue to actively seek hotels for our portfolio of full-service, upper-upscale hotels in areas with high barriers to new development,” says Steve Mendell, HEI’s EVP of acquisitions and development, in a statement. “For the first time in about 16 months, we are beginning to see hotel prices come in line with market expectations as the expectation gap narrows between buyers and sellers. We expect this trend to continue, with prices becoming even more attractive as the year progresses.”

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