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Housed in a Newly Constructed Nine-story Building, Hersha Hospitality
Opens 65 room Hampton Inn Manhattan/Seaport
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NEW YORK CITY, N.Y., March 29, 2006—Hersha Hospitality Management, a hotel management company of nationally franchised, midscale and upscale hotels in the eastern United States, today announced that it has opened the 65-room Hampton Inn Manhattan/Seaport-Financial District.  Hersha Hospitality Management will operate the property on behalf of BCM Seaport, LLC.
 
“New York continues to be one of the hottest hotel markets in the nation,” said Sal Shahriar, executive vice president of Hersha Hospitality Management.  “We believe lower Manhattan remains underserved and that the Hampton Inn brand will appeal to a broad cross-section of both business and leisure travelers visiting the area.  This is our third property in Manhattan and fourth in New York City, which will allow us to take advantage of economies of scale and shared systems, resulting in a stronger bottom line for all.”

The nine-story hotel is located in Manhattan’s historic Seaport district at 320 Pearl Street, within walking distance of Wall Street, City Hall, and Pace University and directly adjacent to South Street Seaport.  Additionally, the hotel is convenient to major New York City attractions including the Statue of Liberty, Ellis Island Ferries, Battery Park, and the Brooklyn waterfront.

The Hampton Inn features gracious outdoor spaces and terraces, a fitness center with the latest cardiovascular equipment, and stylish furnishings designed by VegaP Architects of New York City.  Room amenities include complimentary high-speed internet access and 

 
Hampton Inn Manhattan/Seaport is housed in a newly constructed nine-story
building boasting some of the areas most significant historic architecture
with all the qualities and features of the nationally recognized Hampton Inn
brand with the design elements of a classic New York style hotel. 
data ports, the latest hi-tech amenities including plasma flat screen TVs, and panoramic views of the Brooklyn Bridge, as well as free local telephone calls.  All Hampton Inns feature complimentary breakfast with locally baked goods, seasonal fruit, and an assortment of coffees, teas and juices, as well as On-the-House breakfast bags to go for guests in a hurry.

“We will continue to actively seek appropriate third-party management contracts,” Shahriar added.  “We believe there is an opportunity to add two to four contracts to our portfolio by year’s end.  Our ideal property remains mid-market and upscale hotels with high barriers to competition along the Eastern seaboard, particularly in urban areas.”

Hersha Hospitality Management is a hotel management company providing operations and development services to upscale and mid-scale hotels with strong, national franchise affiliations in the eastern United States.  The company currently provides hotel management services and asset management services to more than 50 hotels in the top markets in the nation, including metro Boston, Connecticut, New York City, New Jersey, Philadelphia, metro Washington D.C., and Atlanta.  For more information, please visit www.hershahotels.com.

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. 

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Contact:

Hersha Hospitality Management, LP
510 Walnut Street, 9th Floor
Philadelphia, PA 19016
Phone: 215-238-1046
Fax: 215-238-0157
www.hersha.com

Also See: Hersha Hospitality Trust’s Joint Venture with CNL Hospitality Properties Buys 144-room Manhattan Hampton Inn / September 2003
Hersha Hospitality Management to Operate Two Newly Opened, Hilton Family-Branded Hotels in New York Metro Area / February 2005


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