The 161-room Hampton Inn in Farmingville, New York was purchased for
$21.5 million comprising cash and the assumption of $15.5 million in debt,
as previously announced. The hotel is located on the Long Island Expressway
and is easily accessible to MacArthur Airport.
The Company's purchase of the 133-room Holiday Inn Express in Hauppauge,
New York was finalized at $18 million comprising of cash and the assumption
of $10.6 million in debt. The hotel is located on the Long Island Expressway,
near the entrance of a 1,400-acre Industrial Park.
About Hersha Hospitality
Hersha Hospitality Trust is a self-advised real estate investment trust
that owns interests in 62 midscale, upscale and upper upscale hotel properties
with 7,737 rooms located in high barrier to entry markets primarily from
Metro Boston, Massachusetts to Metro Washington, D.C with strong, national
franchise affiliations. The Company focuses on acquisition and joint venture
opportunities in primary and secondary markets near major metropolitan
areas. More information on the Company is available on the Company's web
site at www.hersha.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.
2000 North Ocean Ave