HEI Hotels & Resorts To Acquire Residence Inn Clearwater Downtown

Residence Inn Clearwater Downtown becomes 12th Property in HEI's Growing Fund III

Sep 25, 2012, 12:51 ET from HEI Hotels & Resorts

NORWALK, Conn., Sept. 25, 2012 /PRNewswire/ -- HEI Hotels & Resorts (HEI), a socially responsible investor and employer in the hospitality industry, today announced that the company has acquired the Residence Inn Clearwater Downtown for an undisclosed amount. The hotel is the twelfth acquisition by HEI's Fund III and the 14th hotel in the Marriott brand family in HEI's 42-property portfolio.

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The 115-room all-suites premium select-service hotel is Clearwater's leading extended stay hotel and offers an all-suite product appealing equally to mid-week corporate travelers and beach related leisure demand.

"We are confident in future demand growth for the greater Tampa market as it continues to rebound and are excited about acquiring this high quality asset," said Steve Mendell, president, acquisitions and development. "With strong brand loyalty and their commitment to quality, we are excited to further expand our relationship with Marriott with the addition of our first Residence Inn."

The custom-built 7-story hotel was developed in 2008 and offers spacious all-suite guestrooms featuring full kitchens. Complimentary services include a hot buffet breakfast and evening manager's reception, as well as a business center and hotel-wide free high-speed internet access. Additional amenities include an outdoor swimming pool, a Bar-B-Q area, fitness facilities and a 400 square foot meeting room.

The transaction was brokered by HFF in Tampa, FL.

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 rurban@heihotels.com.

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

SOURCE HEI Hotels & Resorts