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HEI Hospitality Acquires Crowne Plaza San Antonio DowntownJuly 5, 2006 By: Joe Pike Travel Agent
HEI Hospitality, a rapidly growing hospitality investment and operating company, announced July 5 that it has acquired the 410-room Crowne Plaza San Antonio Downtown from a joint venture owned by Morgan Stanley Real Estate Funds and Pyramid Advisors for an undisclosed amount. The property recently completed a $6.4 million renovation and conversion to the upscale Crowne Plaza brand. HEI plans to invest an additional $7 million over the next five years to further enhance the hotel. This is the third hotel acquired by HEI in about the past 60 days and the third acquisition made under HEI's recently raised HEI Hospitality Fund II, a $425 million discretionary equity investment vehicle. Merritt Hospitality, a wholly owned HEI subsidiary, will operate the hotel.