HEI Hotels & Resorts Sells Le Meridien San Francisco to Chesapeake Lodging Trust

HEI to Continue Managing Property on Behalf of Purchaser

Dec 15, 2010, 12:06 ET from HEI Hotels & Resorts

SAN FRANCISCO, Dec. 15, 2010 /PRNewswire/ -- HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, today announced the sale of the 360-room Le Meridien San Francisco for an undisclosed amount to Chesapeake Lodging Trust.  HEI will continue to operate the hotel on behalf of Chesapeake under the terms of the transaction.  

"The sale of this asset from our second Fund, formed in 2004, marks our fourth hotel sale of the year," said Steve Mendell, president -- acquisitions and development.  "Le Meridien San Francisco is a highly regarded hotel in one of the nation's leading markets. We foresee no staff changes at Le Meridien San Francisco and look forward to continuing our management of this stellar property. We also are well positioned to continue purchasing hotels in our latest fund."

"HEI prides itself on aligning with top-tier hoteliers and real estate owners," said Anthony Rutledge, HEI's chief financial officer.  "This is our first partnership with Chesapeake, and we look forward to expanding our relationship as we move forward.  With our operating expertise, we are confident that HEI is the best qualified to maximize this property's full potential in the months and years to come."

Located at 333 Battery Park, Le Meridien San Francisco is situated in the city's financial district, near the Federal Reserve Building and convenient to Chinatown and Fisherman's Wharf.  The spacious guest rooms offer sweeping views of the bay and city, 300-count Frette sheets and down duvets, high-speed wireless Internet access, contemporary decor, and high end Nakamichi stereo/CD players.  The hotel features: market-fresh cuisine at Park Grill and Bar 333 & Bistro, more than 13,000 square feet of flexible meeting space, fitness center with cardiovascular and strength-training equipment, and is completely smoke-free.

About HEI Hotels & Resorts

HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality 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, Renaissance, W, Westin, Le Meridien, Sheraton, Embassy Suites, and Hilton.  For more information about HEI, visit the company's website, www.heihotels.com.

Media Contact:

Stephen Chan, Vice President, Acquisitions and Development

(203) 849-8844

Chris Daly, media

(703) 435-6293

SOURCE HEI Hotels & Resorts