Hospitality

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.

LONG BRANCH, N.J. — United Capital Corp. has purchased the 12-story Ocean Place Resort & Spa in Long Branch. The 254-room hotel includes 40,000 square feet of meeting and event space, a private beach, two restaurants and a fitness facility. United Capital plans to invest $15 million in renovations to the property. The New York-based company also owns and operates hotels in Windsor Locks, Conn.; Utica, N.Y.; Nashua, N.H.; as well as Atlanta and Miami. Additional terms of the deal were undisclosed.

PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has closed on the sale of 14 of 18 secondary-market hotels with an affiliate of Connecticut-based Starwood Capital Group for $40.5 million. The real estate investment trust announced the sale last August as part of a portfolio restructuring. Hersha owns upscale and mid-priced hotels in major markets including Boston and New York. Starwood, a privately held global investment firm, bought a 49.9 percent stake in Hersha last year to target the U.S. hospitality sector. Six of the 18 properties in the deal are located in Pennsylvania.