HEI Hotels & Resorts to Acquire 42nd Property: Newark Airport SpringHill Suites

NORWALK, Conn., Jan. 23, 2012 /PRNewswire/ -- HEI Hotels & Resorts (HEI), a socially responsible investor and employer in the hospitality industry, today announced that the company is under contract to acquire the SpringHill Suites by Marriott Newark Liberty International Airport for an undisclosed amount. The hotel will be the tenth acquisition by HEI's Fund III and the 13th hotel in the Marriott brand family in HEI's 42-property portfolio.

(Logo: http://photos.prnewswire.com/prnh/20120112/NY34250LOGO )

The 200-room all-suites select-service hotel is located immediately north of Newark Airport, New York City's second-largest airport with more than 33 million passengers annually, and near Port Newark, North America's third-largest seaport.

"We have great confidence in the New York City metropolitan market and are excited about acquiring this well positioned hotel at Newark Airport," said Steve Mendell, president, acquisitions and development. "With plenty of dry powder left in Fund III, we continue to seek and acquire institutional grade assets in growth markets throughout the US."

The hotel offers three meeting rooms with a total of 1,900 square feet of function space. Additional amenities include lobby lounge with complimentary breakfast, indoor swimming pool and whirlpool, fitness facilities and a business center.

The hotel is currently in the process of receiving a substantial interior renovation involving all areas of the hotel seen and touched by guests, as well as, the back-of-house facilities used by the hotel's associates. Upon completion, the hotel will meet all SpringHill Suites by Marriott's most current design features.

About HEI Hotels & Resorts

HEI Hotels & Resorts, headquartered in Norwalk, Connecticut with 42 properties in 16 states, creates socially responsible investment and employment opportunities through real estate portfolios of hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Le Meridien, Embassy Suites, 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.

To present investment opportunities to HEI, please contact Russ Urban at [email protected].

For more information about HEI, visit the company's website, www.heihotels.com.

SOURCE HEI Hotels & Resorts