Hotel Job Resource - Hersha Hotel News

HHM, commonly referred to as Hersha Hospitality Management, has added 21 contracts to its management portfolio in the past 18 months. This includes 12 hotels in its newly-formed full-service division.

Hersha Hospitality Trust (NYSE: HT) announced today that the Company has entered into a definitive purchase agreement to acquire the 80-room Bulfinch Hotel in downtown Boston’s West End neighborhood for $18.2 million, or $228,000 per key.

Hotel EBITDA for the Company’s consolidated hotels grew approximately 47.9%, or $6.2 million, to $19.2 million for the quarter ended March 31, 2012 compared to the same period in 2011. Hotel EBITDA margins expanded 320 basis points to 29.6% in the first quarter of 2012.

Hersha Hospitality Management (HHM) and The Procaccianti Group (TPG) are pleased to announce that the parties have resolved the lawsuit pending in the United States District Court for the Eastern District of Pennsylvania, Hersha Hospitality Management v. The Procaccianti Group, et al.

The total purchase price for the tangible and intangible assets of the hotel, office, retail and parking garage is $42.0 million.

Hersha Hospitality Trust (NYSE: HT), owner of select service and upscale hotels in major metropolitan markets, announced results for the fourth quarter ended December 31, 2011.

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.