HEI Closes $425M Equity Fund
NORWALK, CT, February 16, 2006. Hospitality investment and operating company, HEI Hospitality has closed on a $425 million discretionary private equity fund primarily to be used to acquire hotel-related assets. A portion of the fund also may be invested in hotel-related development opportunities and vacation- or leisure-oriented residential product.
Combined with debt leverage, the company expects to invest approximately $1.5 billion in assets over the next three years.
Investors in the new fund primarily are major institutional investors and principals of HEI
The company acquired more than $1.5 billion in hotels over the past 36 months, said Gary Mendell, chairman/CEO of HEI Hospitality, who added the firm believes the outlook for hotel investment remains "quite positive."
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