HEI Hospitality, a privately held hotel investment company, today announced the acquisition of Boca Raton Marriott at Boca Center from Crocker Center Associates III, Ltd. for an undisclosed amount. It is the second property acquired since June, when the company announced the formation of HEI Hospitality Fund, a $275 million private equity investment fund. The hotel will undergo a $5 million renovation. The renovation will include a new décor for all guest rooms, upgrades to the lobby and meeting space and a remodeling/reconcepting of the restaurant and lounge.
“This property fits our acquisition profile perfectly,” said Gary Mendell, HEI chairman and CEO. “It is a well-located, upscale hotel in a strong market with multiple demand generators, both business and leisure, and high barriers to new competition. When the renovation is complete in the 3rd quarter of 2005, the property will be in peak operating condition and one of the top upscale resorts in southern Florida.”
Merritt Hospitality, a wholly owned subsidiary of HEI, will manage the property. Laurence P. Magor, a 15-year hotel veteran, has been named general manager. Magor has extensive hotel operating experience in Florida, including previous management positions at San Jose Country Club, Buena Vista Hospitality Group and The Breakers. He began his career at the Grosvenor House Hotel in London.
The 12-story hotel is located in a 28-acre garden setting at 5150 Town Center Circle, near Boca Center’s restaurants, upscale shops and boutiques, just minutes away from the beach, four golf courses, Pro Player Stadium, Mizner Park and Quiet Waters Park. Each of the 256 guest rooms and suites features high-speed Internet access and two telephone lines. The hotel also provides an executive floor for business travelers and an activities/tour desk for leisure guests. Among the hotel’s numerous amenities are the upscale 5150 Restaurant, a cocktail lounge, an outdoor swimming pool, a gift shop and a fitness center. In addition, the hotel features more than 13,500 square feet of meeting space and can comfortably accommodate groups ranging from 25 to 800 people.
“The Boca Raton Marriott is the second hotel acquired by HEI for the fund in the past two months,” said Stephen Mendell, executive vice president-acquisitions & development. “We continue to have an aggressive appetite to add to our portfolio and have an active acquisition pipeline. We have more than $700 million available to acquire both individual hotels and portfolios.”