HERSHA BUYS HIGH-PROFILE RITTENHOUSE HOTEL

by admin

PHILADELPHIA — Hersha Hospitality Trust has purchased the 111-room Rittenhouse Hotel in downtown Philadelphia. Hersha, which owns 67 hotels in major U.S. markets, paid $42 million for the hotel, 44,000 square feet of office and retail space and an adjacent parking garage. Including the anticipated renovation costs, the hotel portion of the deal is valued at $23.9 million. The hotel includes the Lacroix Restaurant, an indoor pool, meeting space and underground parking. Rittenhouse Development Corp was the seller.

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