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Press Release Source: HEI Hospitality
October 30, 2002
NORWALK, CT -- HEI Hospitality yesterday announced that it has acquired its second hotel, the 182-room Holiday
Inn Town Center in Boca Raton, Fla., in less than two months The acquisition is part of the investment company's
announced plan to purchase up to $500 million in hotel assets over the next 18 to 24 months.
HEI Hospitality was formed earlier this year by veteran hoteliers Gary Mendell, former CEO of HEI Hotels; David
E. McCaslin, former chief operating officer of MeriStar Hotels & Resorts; Stephen Rushmore, president, HVS
International; and Stephen Mendell, former executive vice president/acquisitions HEI Hotels.
The property was purchased for approximately $8.5 million from Mutual of New York (MONY). HEI also owns the Hilton
Orlando/Altamonte Springs in Fla.
The hotel will undergo a major $2.25 million renovation scheduled to begin by the third quarter of 2003. The refurbishments
will encompass totally refurbishing all guest rooms, as well as the lobby and ballroom. The hotel will add approximately
1,500 square feet of new meeting space and will upgrade extensively its food and beverage operation. The Holiday
Inn Town Center will be operated by Smilezzzz Hospitality, a third party, independent management company that is
a wholly owned subsidiary of HEI Hospitality.
"The Holiday Inn Town Center is an ideal addition to our portfolio of underperforming hotels with significant
turn-around potential through enhanced management and physical improvements," said Gary Mendell, principal
of HEI Hospitality. "We are seeing an increasing number of properties for sale at more reasonable prices.
Our acquisition pipeline is full with five to 10 other potential properties throughout the U.S. that would fit
well with our expanding portfolio.
"The Boca Raton hotel is well located and targets business, meeting and leisure travelers," said David
McCaslin, principal in HEI and president of Smilezzzz. "Our goal is to minimize disruptions during renovation
and make the process nearly invisible to guests."
Richard Harrison has been named general manager of the hotel. "Harrison brings with him more than fifteen
years of experience in the hospitality industry. His background as a multi-property manager for Promus Hotels and
Winston Hotels makes him the ideal candidate to upgrade the hotel and create an environment that will attract local
residents, as well as travelers."
Additionally, Julie Chadwick has been appointed director of sales for the hotel. A 20-plus year hospitality veteran,
she most recently held that position at the Double Tree Palm Beach Gardens.
Located at 1950 Glades Road in Boca Raton, the Holiday Inn Town Center features 144 rooms and 38 suites, two restaurants
and a cocktail lounge. The five-story hotel is within minutes of the Atlantic Ocean, Mizner Park and the Fort Lauderdale
Airport. Each guest room and suite has a private balcony and is equipped with coffee maker, hair dryer, iron, full
size ironing board and cordless telephones with two lines data ports and voice mail.
HEI Hospitality, headquartered in Norwalk, Conn. is an ownership/investment and hotel management group that owns
and manages first-class and full-service hotels throughout the United States. Smilezzzz is a third-party, independent
hotel management company, headquartered in Washington, D.C. and a wholly owned subsidiary of HEI Hospitality.
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Contact:
HEI Hospitality
Gary Mendell
203/849-6065
or
Media:
Jerry Daly
Chris Daly
703/435-6293
Source: HEI Hospitality