HEI buys Bay State hotel

HEI Hotels & Resorts in Norwalk has added the Doubletree Guest Suites in Waltham, Mass., to its portfolio.

The addition of the 275-room hotel is the most recent in a run of acquisitions for the privately owned and operated hotel and real estate company.

“This is the second acquisition of our $515 million HEI Hospitality Fund in the past 90 days,” said Steve Mendell, executive vice president of acquisitions and development at HEI, in a prepared statement. “There are a number of hopeful signs that the hotel acquisition market is thawing, and HEI is well positioned to be a major player in the coming months. Our acquisition pipeline is building, and we expect our acquisition activity to pick up markedly in 2010.”

The amount for the Waltham hotel sale was not disclosed. The hotel now will undergo a renovation program totaling approximately $16 million, the company reports.

HEI will oversee the renovation and will manage the hotel. The hotel is located near Brandeis University.

“We approached the previous hotel owner regarding this hotel and completed the all-cash transaction,” said Roger Clark, senior vice president of acquisitions and development for HEI, in a prepared statement. “We have significant expertise in the Boston metro market and we see major potential in creating additional value in the asset through the implementation of our industry-leading management programs.”