HEI Hotels & Resorts (HEI) has purchased the 275-room Doubletree Guest Suites in Waltham, and will spend $16 million renovating the all-suite hotel.

HEI of Norwalk, Conn., will oversee the renovation and manage the hotel, according to a statement.

"This is the second acquisition of our $515-million HEI Hospitality Fund III, L.P. in the past 90 days," said Steve Mendell, EVP – acquisitions and development. "There are a number of hopeful signs that the hotel acquisition market is thawing, and HEI is well positioned to be a major player in the coming months. Our acquisition pipeline is building, and we expect our acquisition activity to pick up markedly in 2010."

Financial details of the transactions were not disclosed, but the hotel at 550 Winter St. was assessed at about $20.8 million for fiscal 2009, according to data obtained from The Warren Group, publisher of Banker & Tradesman.

"We approached the previous hotel owner regarding this hotel and completed the all-cash transaction," said Roger Clark, HEI’s SVP – acquisitions and development. "We have significant expertise in the Boston metro market, and we see major potential in creating additional value in the asset through the implementation of our industry-leading management programs."

The renovation will include the replacement of most case and soft goods, the addition of flat-screen televisions, and significant improvements in the guest bathrooms. The capital program will also address areas of the hotel’s exterior, entrance, lobby, restaurant and meeting space.