NORWALK, CT, July 25, 2011—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company has purchased the 360-room San Diego Marriott La Jolla (top left photo) in La Jolla, California, for an undisclosed amount.
The hotel is the ninth acquisition by HEI’s Fund III and is the 41st hotel in the company’s portfolio.
The hotel is located in the Golden Triangle, La Jolla’s pre-eminent business district, and convenient to local attractions and downtown San Diego. La Jolla is considered one of the best San Diego locations because of its 4 million square feet of Class A office, R&D space, upscale retail, industrial product, multi-family and hospitality.
The hotel offers 23 meeting rooms and more than 16,000 square feet of total function space. Additional amenities include four food and beverage outlets, indoor and outdoor swimming pool and whirlpool, and a business center. HEI plans to execute a $20 million renovation beginning in 2012, to include guest rooms, lobby, meeting space, and expanded fitness facilities.
“As our second San Diego MSA hotel, the La Jolla property fits well with HEI’s core investment program on multiple fronts,” said Steve Mendell (middle right photo), president, acquisitions and development.
“We were particularly attracted to this asset by the depth and diversity of the pharmaceutical and telecommunication businesses in La Jolla and the opportunity presented from our comprehensive planned renovation.” “The Marriott La Jolla transaction was largely the result of our strong relationship with the seller, which we have transacted with several times over the preceding 12 months,” said Anthony Rutledge (middle left photo), chief financial officer.
“We are excited about the investment profile of this transaction and expanding our strategic relationships for future transactions with other key investment partners in the near future.”
“This is our 12th hotel in the Marriott brand family,” said Russ Urban (bottom right photo), HEI’s SVP, acquisitions and development. “HEI looks forward to continued expansion of its Marriott portfolio.”
For more information about HEI, visit the company's website, www.heihotels.com.
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