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HEI Hotels buys in Clearwater

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  • | 4:12 p.m. September 26, 2012
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CLEARWATER — Norwalk, Conn.-based HEI Hotels & Resorts purchased the 115-suite Residence Inn By Marriott Clearwater Downtown for $10 million.

The price equated to $86,957 per suite.

Built in 2008, the seven-story hotel features only suite units with full kitchens and specializes in extended-stay business. The seller, an affiliate of Southeast Hospitality Properties LLC, purchased the property in mid-2006 for $1.7 million.

“We are confident in future demand growth for the greater Tampa market as it continues to rebound and are excited about acquiring this high-quality asset,” Steve Mendell, president of acquisitions and development for HEI, says in a press release.

The property includes an outdoor swimming pool, barbecue area, fitness facilities and a 400-square-foot meeting room.

Houston-based real estate brokerage HFF's Tampa office handled the transaction.

The hotel is the 12th acquisition by HEI's Fund III and the 14th Marriott-branded hotel in HEI's 42-property portfolio.


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