Hersha Hospitality Trust HT, owner of upscale hotels in urban gateway
markets, announced today that the Company acquired an interest in a mixed-use
building, which includes a condominium interest in the 111-room Rittenhouse
Hotel and 44,000 square feet of retail and office space and a fee interest in
an adjacent parking garage. The total purchase price for the tangible and
intangible assets of the hotel, office, retail and parking garage is $42.0
million. Including the anticipated renovations, the hotel portion is valued at
$23.9 million or $215,000 per key. The Rittenhouse Hotel has historically
produced the highest revenue per available room (RevPAR) in the Philadelphia
market.
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