HEI Hotels & Resorts Sells Le Méridien San Francisco to Chesapeake Lodging Trust (United States)
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HEI Hotels & Resorts Sells Le Méridien San Francisco to Chesapeake Lodging Trust (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-12-16
HEI to Continue Managing Property on Behalf of Purchaser
HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced the sale of the 360-room Le Méridien San Francisco for an undisclosed amount to Chesapeake Lodging Trust. HEI will continue to operate the hotel on behalf of Chesapeake under the terms of the transaction.
“The sale of this asset from our second Fund, formed in 2004, marks our fourth hotel sale of the year,” said Steve Mendell, president—acquisitions and development. “Le Méridien San Francisco is a highly regarded hotel in one of the nation’s leading markets. We foresee no staff changes at Le Méridien San Francisco and look forward to continuing our management of this stellar property. We also are well positioned to continue purchasing hotels in our latest fund.”
“HEI prides itself on aligning with top-tier hoteliers and real estate owners,” said Anthony Rutledge, HEI’s chief financial officer. “This is our first partnership with Chesapeake, and we look forward to expanding our relationship as we move forward. With our operating expertise, we are confident that HEI is the best qualified to maximize this property’s full potential in the months and years to come.”
Located at 333 Battery Park, Le Méridien San Francisco is situated in the city’s financial district, near the Federal Reserve Building and convenient to Chinatown and Fisherman’s Wharf. The spacious guest rooms offer sweeping views of the bay and city, 300-count Frette sheets and down duvets, high-speed wireless Internet access, contemporary décor, and high end Nakamichi stereo/CD players. The hotel features: market-fresh cuisine at Park Grill and Bar 333 & Bistro, more than 13,000 square feet of flexible meeting space, fitness center with cardiovascular and strength-training equipment, and is completely smoke-free.
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