ARLINGTON, VA-HEI Hotels & Resorts has purchased the fee simple interest in the Sheraton National Hotel here for an undisclosed amount. The company was unable to speak with GlobeSt.com about the transaction, a spokesman tells us, “because it is closing another deal today.” The acquisition it did announce is a 417-key property that traded from National Hospitality Corp., a local firm. The purchase price was not disclosed.
HEI will serve as manager of the Sheraton, its seventh Sheraton-flagged hotel. This acquisition is the 39th to be added to the company’s portfolio, with number 40 presumably soon to join as well.
HEI is acquiring the Sheraton via its $515-million HEI Hospitality Fund III, according to a prepared statement by Steve Mendell, president of acquisitions and development. It is the second acquisition for the fund and the third for the company in 2011. Earlier this month it acquired the 14-story, 309-key Sheraton Dallas North in Dallas from foreclosure.
“The hotel acquisition market has clearly thawed in the past six months and HEI is well positioned to be a major player in the current transaction climate,” Mendell said in his statement.
The Sheraton National Hotel is located at 900 South Orme St. HEI owns two other hotels in this submarket: Sheraton Crystal City and Embassy Suites Tysons Corner.
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