HERSHA OPENS HILTON GARDEN INN MIDTOWN EAST-MANHATTAN

NEW YORK CITY — Hersha Hospitality Trust has opened Hilton Garden Inn Midtown East. Located on 52^nd Street in Manhattan, the hotel brings 205 rooms to Manhattan’s office market, which totals approximately 20 million square feet. Based on the company’s forecasts, the development represents a first full-year economic capitalization rate of approximately 8.1 percent and a hotel EBITDA of 11.2x. Additionally, on a stabilized basis, the investment represents an economic capitalization rate of 11 percent and a hotel EBITDA multiple of 8.4x.