HEI Acquires Embassy Suites Philadelphia-Center City
NORWALK, CT, October 31, 2006. HEI Hospitality, a rapidly growing hospitality investment and operating company, today announced that it has acquired the 288-suite Embassy Suites Hotel Philadelphia-Center City in Pennsylvania for an undisclosed price. The hotel is the fourth acquisition made under HEI's recently raised HEI Hospitality Fund II, a $425 million discretionary equity investment vehicle. Merritt Hospitality, a wholly owned HEI subsidiary, will operate the hotel.
"This is our fourth major acquisition year-to-date, and we remain on target to acquire approximately $1.5 billion in hotels over the next three years," said Steve Mendell, HEI's executive vice president of acquisitions and development. "We continue to seek opportunities in the Philadelphia market, as well as the other top 50 MSAs. This acquisition is our third Embassy Suites and the eighth hotel in our portfolio that flies a Hilton Family brand flag."
"One of Hilton Hotels Corporation's strengths is in building and expanding relationships with the world's top owner/operator/developers, like HEI," said Bill Fortier, senior vice president, franchise development, brand performance and development group, Hilton Hotels Corporation. "We are confident that under their stewardship the hotel will be a leader in the Philadelphia market."
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