Hersha Hospitality Acquires the Rittenhouse Hotel in Philadelphia, PA

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.