Hotel News Resource - Hersha Hotel Industry News

Mast Capital, a Florida-based real estate private equity firm has closed on the purchase of the Hotel Monticello in Washington, D.C. The Hotel Monticello, a seven-story boutique hotel located in Washington D.C.’s Georgetown neighborhood, is the second oldest hotel in Georgetown and has only traded once since opening in 1967.

Hersha Hospitality Trust (NYSE: HT) announced that the Company has entered into a purchase contract to acquire the 263 room Courtyard Miami Beach Oceanfront and an adjacent beachfront land parcel, for $95.0 million, or $361,217 per key.

Hotel EBITDA for the Company’s consolidated hotels grew approximately 24.2%, or $6.5 million, to $33.4 million for the quarter ended September 30, 2011 compared to the same period in 2010. Hotel EBITDA margins expanded 220 basis points to 41.7% in the third quarter of 2011, compared to 39.6% in the same quarter of 2010.

Hersha Hospitality Trust (NYSE: HT), owner of select service and upscale hotels in major metropolitan markets, today announced that its Board of Trustees declared a cash dividend of $0.50 per Series A and Series B Preferred Shares for the third quarter ending September 30, 2011.

The Company estimates that it is selling these hotels at a trailing 12 month net operating income capitalization rate of approximately 8.4% and a trailing 12 month Hotel EBITDA multiple of approximately 10.3 times.

Consolidated Hotels Exhibit Strong Growth - RevPAR Improved 9.4% - Average Daily Rate Increased 8.9% - Hotel EBITDA Margins Improved 140 basis points to 41.5%

Hersha Hospitality Trust (NYSE: HT) announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City for total consideration of $104.1 million, or approximately $595,000 per key.

Hersha Hospitality Trust (NYSE: HT) announced that the Company has completed the acquisition of the 260 room Marriott Courtyard Westside in Los Angeles (Culver City), CA for $47.5 million, or $182,500 per key, including closing costs and fees.

First Quarter Consolidated Hotel Average Daily Rate Increased 6.7% - Renovation Projects at Nine Hotels During Quarter Now Completed - Hotel EBITDA Margins Improved 29 basis points Excluding Renovation Hotels

Hersha Hospitality Trust (NYSE: HT), owner of select service and upscale hotels in major metropolitan markets, announced that it has purchased the 112 room Holiday Inn Express Wall Street and the 81 room Hampton Inn Financial District for approximately $69.1 million, or $358,000 per key, plus closing costs and fees.