HEI Hotels & Resorts announced Thursday it has acquired Waltham's DoubleTree Guest Suites.
The amount of the sale was not announced, but the all-suite hotel will undergo approximately $16 million in renovations. HEI will oversee the renovation, as well as manage the 275-room hotel that is located at 550 Winter St.
"This is the second acquisition of our $515-million HEI Hospitality Fund III, L.P. in the past 90 days," said Steve Mendell of the firm's acquisitions and development arm. "There are a number of hopeful signs that the hotel acquisition market is thawing, and HEI is well positioned to be a major player in the coming months. Our acquisition pipeline is building, and we expect our acquisition activity to pick up markedly in 2010."
Located just off Rte. 128, the hotel is close to two universities, 30 minutes west of downtown Boston and is situated in the heart of Waltham's technology, pharmaceutical and professional business communities; the property is surrounded by more than 26 million square feet of corporate office space.
"We approached the previous hotel owner regarding this hotel and completed the all-cash transaction," said Roger Clark, also of acquisitions and development
The renovation will touch upon all aspects of the hotel, but the project will focus primarily on the guest suites. It will include the addition of flat-screen televisions, and significant improvements in the guest bathrooms. The capital program will also address areas of the hotel's exterior, entrance, lobby, restaurant, and meeting space.
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a hospitality investment firm that acquires, develops, owns and operates full-service, upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Le Meridien, Embassy Suites, and Hilton.
