Fundraising - FEBRUARY 7, 2014

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HEI Hotels & Resorts launches fourth hotel fund

by Andrea Waitrovich

HEI Hotels & Resorts has launched its fourth fund, HEI Hospitality Fund IV. The value-added/opportunistic fund aims to raise $500 million. It is targeting a final close in July 2014.

HEI IV will buy high-quality, full-service and premium select-service hotels with 150 to 500 rooms in the top 25 U.S. metropolitan market areas. These hotels will usually be subject to franchise agreements with the four leading hotel brands

HEI IV follows same strategy as its predecessor HEI Hospitality Fund III, which closed in 2008 with $515 million. The firm announced in 2009 it has plans to deploy $1.5 billion for its third fund. HEI IV will continue on the strategy of the fund series, which also includes Fund I, closed in 2004 with $274.4 million, and Fund II, closed in 2006 with $425 million.

HEI III acquired the 154-room hotel in the Rosslyn submarket of Arlington, Va., which marked the 11th acquisition of

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