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HERSHA AGREES TO PAY $74M FOR MANHATTAN HOTEL

NEW YORK CITY — Hersha Hospitality Trust has agreed to purchase the 205-room Hilton Garden Inn at 52nd Street in New York City for $74 million. The transaction is expected to close shortly after the developer completes the hotel's construction in the fourth quarter of 2013. Jay Shah, CEO of Hersha, says the hotel is expected to appeal to both corporate and leisure travelers. Hersha owns 64 hotels in New York City, Washington, Boston, Philadelphia, Miami and Los Angeles.

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