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HEI Hotels and Resorts Acquires Properties in Florida and Texas

HEI Hotels and Resorts Acquires Properties in Florida and Texas

NORWALK, Conn.— HEI Hotels & Resorts (HEI), a private owner and operator of hotel real estate, announced that the company recently acquired the 170-room Stoneleigh Hotel in Dallas, Texas and the 115-suite Residence Inn Clearwater Downtown in Clearwater, Fla.

Originally opened in 1923, The Stoneleigh is a historic landmark hotel in the Uptown section of Dallas. The hotel’s former owner undertook a comprehensive $36 million renovation of the beaux-art building in 2008. With HEI’s recent acquisition, the hotel is now under new management and has been rebranded as a Le Meridien hotel. The Starwood brand affiliation has provided the hotel access to Starwood’s global distribution system and fills the void in the Dallas Uptown/CBD markets left when the Westin was converted to Marriott in September 2010. HEI plans to update furniture in the lobby bar area and develop a courtyard garden as part of the hotel’s repositioning.

“The Stoneleigh transaction exemplifies HEI’s ability to identify and acquire exceptional hotels in top US markets,” said Anthony R. Rutledge, CEO of HEI. “We continue to create value for our investors, guests and associates by acquiring fundamentally good assets in need of better business strategy to truly succeed.”

The 115-suite Residence Inn in Clearwater Downtown was developed in 2008. The hotel will continue its affiliation with Marriott’s Residence Inn brand.

“With plenty of available capital and a best-in-class operating platform, HEI continues to pursue acquisition opportunities such as these two deals,” Rutledge said. “We are confident that the next few years will continue to offer great opportunities for us to deploy equity and create value for all of our stakeholders.”

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