NORWALK, CT— HEI Hospitality has acquired its second hotel in less than two months, the 182-room Holiday Inn Town Center in Boca Raton, FL, as part of its previously announced plan to purchase up to $500 million in hotel assets over the next 18 to 24 months. The property was purchased for approximately $8.5 million from Mutual of New York (MONY). The hotel will undergo a major $2.25 million renovation scheduled to begin by the third quarter of 2003. Refurbishments will include upgrades to the hotel’s guestrooms, lobby and ballroom. The new owners also plan to add approximately 1,500 square feet of new meeting space and improve the hotels food and beverage operation. The Holiday Inn Town Center will be operated by Smilezzzz Hospitality, a third party, independent management company that is a wholly owned subsidiary of HEI Hospitality. HEI Hospitality was formed earlier this year by veteran hoteliers Gary Mendell, former CEO of HEI Hotels; David McCaslin, former chief operating officer of MeriStar Hotels & Resorts; Stephen Rushmore, president, HVS International; and Stephen Mendell, former executive vice president/acquisitions HEI Hotels. HEI also owns the Hilton Orlando/Altamonte Springs in Florida.
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