HEI Hospitality, Norwalk, Conn., has announced the closing of a $275 million discretionary equity fund specializing in lodging investments.The HEI Hospitality Fund will focus on acquiring first-class, full-service hotels in the United States, the hotel investment company said. Merritt Hospitality, a wholly owned subsidiary of HEI, will be the preferred operator of the hotels acquired by the fund. "This equity, prudently leveraged, will give us the financial strength and flexibility to acquire up to approximately $800 million in hotels over the next 24-36 months," said Gary Mendell, HEI's chairman and chief executive officer. "HEI seeks to acquire hotels with 200 to 500 rooms in the top 50 U.S. markets."
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