Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play
August 25th, 2009
The 353-room Hanover Marriott in Whippany, N.J., has just become the first purchase of HEI Hotels & Resorts' third investment fund, HEI Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm acquired the property from Bethesda, Md.-headquartered Host Hotels & Resorts for $27 million. Raised in 2008 with $515 million in commitments, the discretionary fund has approximately $1.5 billion in leveraged buying power and allows HEI to capitalize on the growing pool of low-priced, distressed assets hitting the market.
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