 |
|
|
Sample Investment: Westin Minneapolis
Provision of New Construction Forward Take-outs
Due to HEI's strong capital base, operational expertise and overall entrepreneurial approach, we are uniquely qualified to provide developers with a forward purchase contract to acquire hotels upon completion of ground-up construction or upon conversion from an alternative use.
In early 2005, we were introduced to Ryan Companies, a general contractor and developer based in Minneapolis who had a historic bank building and adjacent office tower under contract in an outstanding location in downtown Minneapolis. We immediately recognized the potential of the project, moved quickly to negotiate a forward purchase agreement and began working creatively with Ryan to design a full service hotel within the Class C office building. The complex transaction achieved Ryan's objectives (including use of historic tax credits) yet provided HEI with the acquisition of a Westin hotel in a strong, urban location.
We assisted Ryan through the entire programming and design development process and coordinated all approvals with Starwood. Following an approximate 15-month conversion, the 214-room Westin Minneapolis opened on May 3, 2007. We are very proud of the quality of the finished product which includes an exciting destination restaurant occupying the lobby of the historic bank building and a private dining room within the bank’s original vault.
 
Equinox Resort & Spa W Hollywood Hotel and Residences
|
|
