HEI Hotels & Resorts Continues Growth
NORWALK, Conn., April 11, 2013 /PRNewswire/ -- HEI Hotels & Resorts (HEI), one of the nation's fastest growing private owner/operator of hotel real estate, today announced that the company recently acquired the 170-room Stoneleigh Hotel in Dallas, Texas and the 115-suite Residence Inn Clearwater Downtown in Clearwater, Florida.
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 landmark building in 2008. However, due to the impact of the Great Recession, the hotel was unable to reach its full potential. 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 luxurious courtyard garden as part of the hotel's repositioning as the Dallas Uptown place to meet and mingle.
"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. HEI acquired the hotel as part of its growing portfolio of premium select-service hotels and shows HEI's ability to flex its operating platform to maximize the value of hotel assets in all segments. The hotel will continue its affiliation with Marriott's Residence Inn brand.
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