Fairfield Inn in Laurel, Maryland
|PHILADELPHIA, Pa., February 9, 2005 — Hersha Hospitality Trust (AMEX:
HT), a real estate investment trust (REIT) and owner of nationally franchised,
premium, limited-service hotels, today announced that it acquired the 109-room
Fairfield Inn-Laurel in Maryland from Bernstein Companies for an undisclosed
amount. The company announced it will invest approximately $1 million
to upgrade the hotel and incorporate recently announced Fairfield Inn service
and amenity enhancements. Hersha Hospitality Management will manage
“The Baltimore-Washington D.C. corridor remains a key market for us, with its strong business and leisure demand and high barriers to new competition,” said Jay H. Shah, Hersha’s president and chief operating officer. “Laurel offers easy access to both Baltimore and Washington, and with our three other properties in the area, including the Greenbelt Residence Inn located eight miles away, we will be able to take advantage of management and marketing synergies. We feel strongly that the newly enhanced Fairfield Inn brand is a particularly good fit for this area and for our portfolio.”
Located at 13700 Baltimore Avenue, with easy access to Interstate 95, the property features a conference-style meeting room, an outdoor pool, and a golf course nearby. The hotel is conveniently situated close to the University of Maryland and Six Flags America. The property’s 109 rooms feature high-speed Internet access, an in-room hair dryer, iron and ironing board.
“The recent initiatives Marriott introduced to reinvigorate the Fairfield Inn brand underscore our total commitment to this brand,” said Liam Brown, senior vice president of Fairfield Inn & Suites by Marriott. “We are delighted that Hersha is expanding its relationship with the Marriott family with the purchase of Hersha’s first Fairfield Inn.”
Hersha Hospitality Trust is a self-advised real estate investment trust that owns premium limited and full service hotels in the eastern United States with strong, national franchise affiliations. The company focuses on acquisition and joint venture opportunities in primary and secondary markets near major metropolitan markets.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement.
Ashish Parikh, CFO
Ph: (215) 238-1046
|Also See:||Jay H. Shah Named President and Chief Operating Officer, Hersha Hospitality Trust / September 2003|
|Hersha Hospitality Trust Names Melissa Hauser Director of Acquisitions and Asset Management / February 2005|