Monday, hospitality investment firm HEI Hotels & Resorts said that it has acquired the 353-room Hanover Marriott in Whippany, New Jersey, from Host Hotels & Resorts, Inc.(HST) for $27 million, marking the first Acquisition of HEI Hospitality Fund III, L.P.
The Norwalk, Connecticut-headquartered HEI Hotels said that the hotel will undergo a $20 million renovation to upgrade all public and private spaces, including the introduction of Marriott's Great Room concept.
"This marks the first acquisition of our third investment fund, the $515-million HEI Hospitality Fund III, L.P., which was raised in early 2008," said Steve Mendell EVP-acquisitions. "We will continue to seek top-branded hotels in markets with barriers to new entry that we can acquire at below-replacement cost and which will benefit from improved operations."
Located at 1401 Route 10 East in Morris County, the hotel is less than 30 minutes from New York City and is surrounded by more than 12 million square feet of office space. In addition, the hotel is proximate to the corporate headquarters of a number of Fortune 500 companies.
Guestrooms include Marriott's signature "Revive Collection" bedding with luxurious down duvets, mattress toppers and extra pillows; well-lit work desk with high-speed Internet access; and bathrooms with granite vanity tops.
Additionally, the hotel provides 22 meeting rooms aggregating 18,850 square feet of meeting space, including the largest Grand Ballroom in Morris County, accommodating up to 1,000 guests. The hotel also offers Allie's, a three-meal restaurant; full-service business center; indoor/outdoor pool; on-site fitness center; and outdoor picnic/BBQ area. In addition, the Auld Shebeen pub, serves authentic Irish cuisine.
HEI Hotels, a private owner/operator of hotel real estate said that it expects "to acquire between $1.0 billion and $1.5 billion in hotels and resorts in the coming years."
HST is currently up $0.02 or 0.19% and trades at $10.60.
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