Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play

The 353-room Hanover Marriott in Whippany, N.J., has just become the first purchase of HEI Hotels & Resorts' third investment fund, HEI Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm acquired the property from Bethesda, Md.-headquartered Host Hotels & Resorts for $27 million. Raised in 2008 with $515 million in commitments, the discretionary fund has approximately $1.5 billion in leveraged buying power and allows HEI to capitalize on the growing pool of low-priced, distressed assets hitting the market.

Comments

• Recently Written

  • Finally, a foreclosure settlement (Maybe)
  • Mortgage rates hit another new low
  • Obama proposes new home loan refinancing plan
  • Don’t rush into REITs
  • Home prices post steep decline
  • Obama expands foreclosure prevention program
  • New-home sales hit a record low
  • Foreclosures made up 20% of home sales in 3Q
  • Romney’s real estate deals
  • Mortgage crimes are focus of new task force

• Categories

  • News
  • Sell House

• Archives

  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • November 2007
  • October 2007

• Admin

  • Login
  • WordPress
  • XHTML

• 
  

• About

  This is an area on your website where you can add text. This will serve as an informative location on your website, where you can talk about your site.

• Blogroll

  • Find Green Home - Find Green Home
  • Florida Virtual Houses - Florida Virtual Houses
  • Green Home Network - Green Home Network
  • Ontario Houses for Sale
  • Real-Estate Social Network
  • Virtual Open Houses