News
HERSHA'S BIG RITTENHOUSE BET
March 5, 2012
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| Here's an example of irony. We just held our Bisnow Retail Real Estate Summit at The Rittenhouse Hotel (as you can see here). And now Hersha Hospitality Trust—one of our regular panel participants— just bought it (perhaps we can request a finder's fee). Hersha announced last week it bought the 111-room (and 44k SF of retail and office and a parking garage) hotel for $42M. It paid $215k per room for the hotel portion, and Rittenhouse typically has the highest RevPAR in the Philly market, the company reports. Other hotel features: Lacroix Restaurant, an indoor pool, fitness center, 8,500 SF of business and social function space (of which we're quite familiar) and 100 underground parking spaces. |
