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HEI sells properties in Philadelphia area
Posted on 09/03/2010
NORWALK Hour Staff Report HEI Hotels & Resorts (HEI), a Norwalk-based private owner and operator of hotel real estate, on Thursday announced that it has sold two of its Philadelphia hotels: the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City. The properties were sold to LaSalle Hotel Properties, a real estate investment trust (REIT), for an undisclosed amount. Under terms of the deal, brokered by Hodges Ward Elliott, HEI will continue to operate the hotels on behalf of its new owners. "While our strategic plans included the eventual sale of these two quality assets, our continued management of the hotels allows HEI to maintain its strong presence in the Philadelphia marketplace," Steve Mendell, president of acquisitions and development said. "Furthermore, it is consistent with our desire to focus on major destination markets with barriers to new entry." Anthony Rutledge, HEI chief financial officer, added: "HEI prides itself on aligning itself with world-class hoteliers, and we look forward to building upon this new relationship with LaSalle Hotel Properties. We see obvious similarities in the way we conduct our respective business, with emphasis on our guests, associates and shareholders."
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