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About Us: News
HEI Hospitality Buys Sheraton Music City in Nashville, Tenn.Issued: June 3, 2004
NORWALK, Conn./NASHVILLE, Tenn., June 3, 2004-HEI Hospitality, a privately held hotel investment company today announced that it had acquired the 410-room Sheraton Music City in Nashville, Tenn. for an undisclosed price from McGavock Associates, Ltd. It is the first hotel acquired by HEI Hospitality Fund, a newly formed $275 million private equity fund that intends to acquire up to approximately $800 million in hotel assets over the next 24-36 months. Merritt Hospitality, a wholly owned subsidiary of HEI, will operate the hotel and oversee a $1.5 million strategic renovation.
"This is the prototype property sought by the fund," said Gary Mendell, HEI chairman and CEO. "The fund's acquisition profile is first-class, full-service hotels located in the nation's top 50 markets. The Sheraton Music City underwent an $8 million renovation in 2002 and is in overall excellent condition. The additional changes we are making will bring the property up to peak operating condition."
Located at 777 McGavock Pike, the hotel is conveniently located within minutes of downtown Nashville, The Grand Ole Opry, Opry Mills Shopping Mall, and Nashville International Airport. With 32,000 square feet of meeting space capable of accommodating up to 1,600 people, the property has become a major meeting facility in the city, and has won 10 consecutive Meetings & Conventions Magazine Gold Key awards. The hotel features a wide variety of amenities, including oversized guest rooms, each with a private balcony or patio, high speed Internet access, a business service center, a concierge floor and concierge service, health club facilities, indoor and outdoor swimming pools, tennis, free parking and complimentary airport shuttle.
"We have an aggressive but disciplined appetite for additional acquisitions that match the Sheraton Music City's profile," said Stephen Mendell, executive vice president-acquisitions & development. "We have a substantial pipeline of potential investments."
HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment firm that owns and/or operates 20 first-class and full-service hotels throughout the United States under such well-known brand names as Westin, Marriott, Sheraton, and Hilton. Merritt is an independent hotel management company and a wholly owned subsidiary of HEI Hospitality.
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