GE Real Estate Funds HEI Sheraton Acquisition
FORT LAUDERDALE, FL, December 20, 2005. GE Commercial Finance Real Estate has completed a $28.7 million loan to HEI Hospitality for its acquisition of the 250-room Sheraton Airport Hotel here. The deal is the first between the two parties. Norwalk, CT-based HEI announced the $32 million acquisition on Dec. 1.
HEI acquired the property from Starwood Hotels & Resorts Worldwide. HEI's owned subsidiary, Merritt Hospitality, will manage the property as a Sheraton. HEI plans to invest an additional $6 million on renovations.
The acquisition caps a busy year for HEI, a year in which it also acquired full-service hotels in Philadelphia, Orlando, New York, San Diego, and Long Beach, CA.
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