GE CommercialReal Estate has closed a $28.7 million transaction with HEI Hospitality for the HEI acquisition of the 250-room, full service Sheraton Fort Lauderdale Airport.
The hospitality investment fund plans to boost occupancy and reduce expenses through renovation and new management. This represents the firstbetween GE Real Estate and HEI Hospitality.
"HEI has been exceptionally proficient at acquiring, repositioning and improving the operating performance of itsthrough its affiliate, Merritt Hospitality," says Mark Lanspa, managing director at GE Real Estate. "We are proud to be selected as its lending partner."