The hotels that will change hands are: the 401-room Atlanta Marriott Northwest; the 222-room Atlanta Marriott Norcross in Norcross, GA; the 226-room Detroit Marriott Southfield in Detroit; the Detroit Airport Marriott (251 rooms) in Romulus, MI. and the Fullerton Marriott at California State University in Fullerton, CA, which features 224 rooms.

The partnership reports that all five hotels will undergo significant renovations. The firm has earmarked more than $21 million for the hotel upgrade program to be spent over the next three years. Merritt Hospitality, a wholly owned subsidiary of HEI Hospitality, will manage the properties.

"These hotels match up well with our investment model favoring first-class, full-service hotels with 200 to 500 rooms," says Gary Mendell, chairman and chief executive officer of HEI Hospitality, which is headquartered in Norwalk, CT. "With the completion of the planned renovations, these properties, which will remain under the Marriott flag, will be well positioned to take maximum advantage of the current rebound in the economy and return of the transient business traveler."

HEI senior vice president Roger Clark adds, "HEI continues to have an aggressive appetite for acquisitions, and we actively are seeking to acquire up to an additional $750 million of hotels."

With the deal, HEI's portfolio now includes 18 properties totaling 5,424 rooms. Joint venture partner Greenfield Partners is a Norwalk, CT-based privately held real estate investment management firm. GIC Real Estate is the real estate investment company of the Government of Singapore Investment Corp.