BOCA RATON, FL— The Boca Raton Marriott at Boca Center here has been sold by Crocker Center Associates III, Ltd. for an undisclosed amount. Picking up the property is HEI Hospitality. The buyer will now begin a $5-million renovation at the 256-key hotel that will eventually produce a new décor for all guestrooms, an upgraded lobby and meeting space and a remodeled restaurant and lounge. Work is expected to be completed during the third quarter of 2005. This is the second property HEI Hospitality has acquired since the creation of its HEI Hospitality Fund, a $275-million private equity investment fund established in June. Hodges Ward Elliot brokered the latest transaction. Merritt Hospitality, an HEI wholly-owned subsidiary, will be the property manager and Laurence P. Magor will be general manager.
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