NORWALK, Conn., Jan. 22 /PRNewswire/ -- HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, announced today that it has promoted Steve Mendell to the position of president, acquisitions and development. In his new role, Mendell will continue to oversee corporate acquisitions and new investment and development opportunities, including HEI Hospitality Fund III, which has approximately $500 million in equity to deploy for hotel acquisitions.
"Steve has led the best acquisition team in the industry over the past eight years," said Gary Mendell, HEI's chairman and CEO. "Over the last six years, HEI has been the most active private hotel owner/operator. During his tenure, Steve has been responsible for approximately $3 billion in acquisitions and divestments, totaling more than 50 hotel properties, including new builds and adaptive reuse projects. He will oversee what we expect to be an active acquisition period over the next several years as the industry enters the recovery stage."
Mendell is a co-founder of HEI Hotels & Resorts and also a co-founder of HEI Hotels, a predecessor company that was sold in 1997. He co-founded the London office of HVS International and serves as its chairman: Europe and Asia. He holds a B.S. degree from the School of Hotel Administration at Cornell University and an M.A. degree in Property Valuation and Law from City University in London.
"I'm excited about the past success we have achieved at HEI and the opportunities ahead," said Steve Mendell. "HEI is well positioned for growth over the coming years, and we are committed to continually setting a higher standard of excellence as a leader in hotel real estate investments and operations."
About HEI Hotels & Resorts
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, Le Meridien, Embassy Suites, and Hilton. For more information about HEI, visit the company's website, www.heihotels.com.
HEI Hotels & Resorts
SOURCE HEI Hotels & Resorts