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A Potential IPO for HRI Properties

According to people with knowledge of the matter, HRI Properties a real estate development services hired banks ahead of a potential initial public offering.

Founded in 1982, HRI has focused on adapting historic buildings, which are often subject to tax credits as part of federal and state incentive programs. The company manages more than 64 properties across the U.S. Its hotel partners include brands such as Hilton and Marriott.

Morgan Stanley is among the banks that will handle a possible IPO of the company that owns hotels, apartments and mixed-use properties, said the people from the company who asked not to be identified.

HRI’s investors include StepStone Real Estate and Almanac Realty Investors, which have contributed as much as $87.5 million and $200 million, respectively.

HRI Chief Executive Officer Thomas Leonhard and representatives for StepStone, Almanac and Morgan Stanley did not comment on the matter.

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