NORWALK, Conn., April 11, 2013 /PRNewswire/ -- HEI Hotels & Resorts (HEI), one of the nation's fastest growing private owner/operator of hotel real estate, today announced that the company recently acquired the 170-room Stoneleigh Hotel in Dallas, Texas and the 115-suite Residence Inn Clearwater Downtown in Clearwater, Florida.
Originally opened in 1923, The Stoneleigh is a historic landmark hotel in the Uptown section of Dallas. The hotel's former owner undertook a comprehensive $36 million renovation of the beaux-art landmark building in 2008. However, due to the impact of the Great Recession, the hotel was unable to reach its full potential. With HEI's recent acquisition, the hotel is now under new management and has been rebranded as a Le Meridien hotel. The Starwood brand affiliation has provided the hotel access to Starwood's global distribution system and fills the void in the Dallas Uptown/CBD markets left when the Westin was converted to Marriott in September 2010. HEI plans to update furniture in the lobby bar area and develop a luxurious courtyard garden as part of the hotel's repositioning as the Dallas Uptown place to meet and mingle.
"The Stoneleigh transaction exemplifies HEI's ability to identify and acquire exceptional hotels in top US markets," said Anthony R. Rutledge, CEO of HEI. "We continue to create value for our investors, guests and associates by acquiring fundamentally good assets in need of better business strategy to truly succeed."
The 115-suite Residence Inn in Clearwater Downtown was developed in 2008. HEI acquired the hotel as part of its growing portfolio of premium select-service hotels and shows HEI's ability to flex its operating platform to maximize the value of hotel assets in all segments. The hotel will continue its affiliation with Marriott's Residence Inn brand.
"With plenty of available capital and a best-in-class operating platform, HEI continues to pursue acquisition opportunities such as these two deals," Rutledge said. "We are confident that the next few years will continue to offer great opportunities for us to deploy equity and create value for all of our stakeholders."
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Connecticut, is a leading hospitality investment firm that acquires, develops, owns and operates premium select-service, full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand families as Marriott, Starwood and Hilton. HEI takes a holistic approach to creating value for its investors and employees by setting the highest standards across all aspects of hotel management and operation and focusing on the central principles of excellence and continuous improvement. HEI prides itself on some of the highest employee satisfaction scores in the hospitality industry, fuels local economic prosperity by investing in communities and is committed to environmental stewardship and sustainability.
For more information about HEI, visit the company's website, www.heihotels.com.
SOURCE HEI Hotels & Resorts