HEI Acquires Doubletree Guest Suites
Hotel to Undergo $16 million Renovation
WALTHAM, MA / NORWALK, CT, November 19, 2009 - HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, today announced the acquisition of the 275-room Doubletree Guest Suites in Waltham, Mass. for an undisclosed amount. The all-suite hotel will undergo a renovation program totaling approximately $16 million to upgrade all public and private spaces. HEI will oversee the renovation, as well as manage the hotel.
"This is the second acquisition of our $515-million HEI Hospitality Fund III, L.P. in the past 90 days," said Steve Mendell, EVP--acquisitions and development. "There are a number of hopeful signs that the hotel acquisition market is thawing, and HEI is well positioned to be a major player in the coming months. Our acquisition pipeline is building, and we expect our acquisition activity to pick up markedly in 2010."
Located at 550 Winter Street in Waltham in the Route 128-West submarket, the hotel is convenient to Brandeis University and Bentley College and 30 minutes west of downtown Boston and Logan International Airport. Situated in the heart of Waltham's technology, pharmaceutical and professional business communities, the property is surrounded by more than 26 million square feet of corporate office space. It also is proximate to top Boston attractions and within minutes of historic Lexington and Concord.
"We approached the previous hotel owner regarding this hotel and completed the all-cash transaction," said Roger Clark, HEI's SVP - acquisitions and development. "We have significant expertise in the Boston metro market, and we see major potential in creating additional value in the asset through the implementation of our industry-leading management programs."
The renovation will touch upon all aspects of the hotel. The project will focus primarily on the guest suites, and will include the replacement of most case and soft goods, the addition of flat-screen televisions, and significant improvements in the guest bathrooms. The capital program will also address areas of the hotel's exterior, entrance, lobby, restaurant, and meeting space.
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