Virtual Open Houses

The 353-room Hanover Marriott in Whippany, N.J., has just become the first purchase of HEI Hotels & Resorts' third investment fund, HEI Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm acquired the property from Bethesda, Md.-headquartered Host Hotels & Resorts for $27 million. Raised in 2008 with $515 million in commitments, the discretionary fund has approximately $1.5 billion in leveraged buying power and allows HEI to capitalize on the growing pool of low-priced, distressed assets hitting the market.