IRVINE, CA-HEI Hotels & Resorts of Norwalk, CT has sold the 293-suites Embassy Suites Irvine near the Orange County Airport in a transaction that “achieved our long-term ownership vision for this hotel,” according to Steve Mendell, president of acquisitions and development for HEI. HEI will maintain management of the hotel under terms of the transaction, which was brokered by Mark Elliott of Hodges Ward Elliott.

The seller and the sales price were not disclosed. HEI had listed four Embassy Suites for sale with an average asking price of $357,000 per room, according to Alan Reay, founder and president of Irvine-based Atlas Hospitality Group, a research and brokerage firm. “All-suite hotels such as the Embassy brand have fared much better than other hotels during the recent downturn,” Reay observes. He describes the Embassy Suites Irvine as “a well-located hotel in a busy commercial district and close proximity to the airport, which means it will continue to perform well.” HEI acquired the Embassy Suites Irvine for $55 million in 2006.

Mendell notes that HEI completed a renovation of the property in 2008. Located at 2120 Main St., the hotel is less than a mile from John Wayne/Orange County Airport and near attractions including Disneyland Resort, the University of California at Irvine and Angel Stadium of Anaheim.