5 Quotes by Gary Mendell

HEI acquired more than $1.5 billion in hotels over the past 36 months. We believe the outlook for hotel investment remains quite positive. Our most recent fund, which will allow us to acquire approximately $1.5 billion in assets over the next 36 months, was originally targeted at $350 million, but became over-subscribed.

The Algonquin is our first Manhattan property, and marks our fourth acquisition in 2005, with several more pending. The hotel, built in 1902, has always been on the cutting edge of guest comfort and social awareness. It was the first leading hotel in New York to receive ladies traveling alone, and the first to have electronic door locks, smoke detectors and air conditioning in all of its rooms. The Algonquin is an extraordinary hotel, and our goal is to live up to its past and further enhance its legend.

Industry experts forecast a positive outlook for the hotel industry for at least the next several years. We have been one of the largest private acquirers of hotel real estate in the past three years, and we expect to continue that pace.

The hotel has received more than $11 million in upgrades since 1998 and is in excellent physical condition. We plan to continue to enhance upon its current high quality with approximately $3.5 million of additional improvements over the next several years.

The hotel, built in 1902, has always been on the cutting edge of guest comfort and social awareness. It was the first leading hotel in New York to receive ladies traveling alone, and the first to have electronic door locks, smoke detectors and air conditioning in all of its rooms. The Algonquin is an extraordinary hotel, and our goal is to live up to its past and further enhance its legend.