Hersha Hospitality Trust

src: www.hersha.com

Hersha Hospitality Trust is a real estate investment trust that invests in hotels. The company is named after the wife of the founder. It is organized in Maryland, with its principal office in Harrisburg, Pennsylvania. As of December 31, 2017, the company wholly owned 41 hotels comprising 6,356 rooms and partially owned 9 hotels comprising 1,369 rooms, all of which were on either the West Coast of the United States or the East Coast of the United States.

Video Hersha Hospitality Trust

History

In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, bought an 11-room motel near Harrisburg, Pennsylvania.

In 1984, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.

In 1998, the company was organized into a Maryland real estate investment trust.

In May 2006, the company acquired 4 Boston-area hotels for $44 million.

In June 2013, the company acquired the San Diego Marriott Courtyard for $71.1 million.

In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.

In February 2016, the company sold 7 of its Manhattan hotels to a joint venture with Chinese company Cindat Capital Management. The company also acquired The Ritz-Carlton, Georgetown for $49.9 million.

In November 2016, the company acquired the Courtyard by Marriott Sunnyvale for $75 million.

In December 2016, the company acquired the Ambrose Hotel in Santa Monica, California for $47.5 million.

In February 2017, the company acquired the Pan Pacific Hotel for $79 million. The company also acquired the Ritz-Carlton Coconut Grove in Miami for $36 million.

In July 2017, the company acquired the Westin Philadelphia for $135 million.

Maps Hersha Hospitality Trust

References

src: mms.businesswire.com

External links

Source of the article : Wikipedia