Norwalk-based HEI Hotels and Resorts has sold two of its Philadelphia hotels.
HEI sold the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia Center City to LaSalle Hotel Properties, a real estate investment trust based in Bethesda, Md., for an undisclosed amount. Under terms of the deal, brokered by Hodges Ward Elliott, HEI will continue to operate the hotels on behalf of its new owners.
“While our strategic plans included the eventual sale of these two quality assets, our continued management of the hotels allows HEI to maintain its strong presence in the Philadelphia marketplace,” said Steve Mendell, president of acquisitions and development for HEI. “Along with the Le Meridien Philadelphia, we manage three Philadelphia hotels, allowing us certain synergies and economies of scale.”
HEI continues to own the Le Meridien. Mendell said the plan is consistent with HEI”™s desire to focus on major destination markets with barriers to new entry.
“We see obvious similarities in the way we conduct our respective business, with emphasis on our guests, associates and shareholders,” said Anthony Rutledge, chief financial officer of HEI, of LaSalle Hotel Properties.
