--A recovery for whom again?-- Max (that's who) http://www.connpost.com/businessnews/ci_13218279
HEI acquires New Jersey hotel By Richard Lee (staff writer) The recession has created opportunities in commercial real estate acquisitions, and Norwalk-based HEI Hotels & Resorts has taken advantage by acquiring the 353-room Hanover Marriott in Whippany, N.J., from Host Hotels & Resorts Inc. for $27 million. "This marks the first acquisition of our third investment fund, the $515 million HEI Hospitality Fund III LP, which was raised in early 2008," said Steve Mendell, executive vice president in acquisitions. "We will continue to seek top-branded hotels in markets with barriers to new entry that we can acquire at below-replacement cost and which will benefit from improved operations." HEI targeted the property, one of several that Host Hotels put on the market eight months ago, because of its location among the many biomedical and pharmaceutical companies in northern New Jersey, said **Roger Clark**, senior vice president of acquisitions at HEI. "The hotel is centrally located off I-287 and I-84. It's the nexus for that part of the New Jersey market and highways," he said. "The hotel was priced realistically based on cash flow and the forecast for 2009." .... (Also, check out his corporate bio @ http://www.heihotels.com/acquisition_and_development/roger_clark.cfm ) (HA! Now you know where my good looks come from.) ALSO: ESSENTIAL NEW VIDEO FROM DIZZEE RASCAL AND ARMAND VAN HELDEN. BONKERS!! http://www.youtube.com/watch?v=Ci40ae8BlcE ________________________________________________ YOU MUST clip all extraneous text when replying to a message. Send list submissions to: [email protected] Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
