It is the fifth property acquired since HEI announced in June the formation of HEI Hospitality Fund, a $275 million private equity investment fund, which plans to acquire up to $800 million of hotels over the next 24 to 36 months.  The company is targeting both stabilized and turn-around hotels or portfolios. �This acquisition is consistent with our goal of maintaining a geographically diversified portfolio of first class, full-service hotels and resorts throughout the top 50 U.S. markets,� said Gary Mendell, HEI chairman and CEO.  �In terms of location, the hotel is convenient to all the area

Renaissance Fort Lauderdale 1617 Se 17th St Fort Lauderdale, FL 33316

Built in 2001, the 233-room hotel, located at 1617 South East 17th Street, holds the AAA four-diamond designation.  The hotel features an island colonial decor and deluxe guest rooms equipped with 2-line telephones, data ports, and high-speed Internet access.  Hotel amenities include wireless Internet service (WiFi) in the public areas and the nearly 10,000 square feet of meeting space; a four diamond restaurant, Darryl and Oliver�s Bistro 17; Starbucks Coffee; 17th Street Lounge; outdoor pool; fitness center; and concierge service. 

�The hotel is in excellent physical condition,� said Stephen Mendell, executive vice president-acquisitions & development.  �The $2 million in renovations we have planned for the property will be earmarked primarily for updating �back-of-the-house� systems to our immediate standards, with the remainder going to guest rooms and public spaces.�

Molinaro Koger represented the seller in the transaction.

HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment firm that owns and/or operates 24 first-class and full-service hotels throughout the United States under such well-known brand names as Marriott, Sheraton, Westin and Hilton.  Merritt Hospitality is an independent hotel management company and a wholly-owned subsidiary of HEI Hospitality.

Sue Broderick
HEI Hospitality
(203) 849-6072