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Hotel Monticello of Georgetown, the Second Oldest Hotel in the Washington D.C.
Neighborhood, Trading Only Once Since Opening in 1967, is Acquired by Mast Capital

Hersha Hospitality Named as Manager


PHILADELPHIA, November 16, 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.  Located near the Four Seasons Washington D.C. and the Ritz Carlton Georgetown, the Hotel Monticello maintains one of the most coveted addresses in the District and will be the gem of Georgetown following Mast Capital’s repositioning plans.  Hersha Hospitality Management (HHM) has been named as manager and plans to operate the hotel as part of its Independent Collection of hotels.

The Hotel Monticello is a reproduction of an old Georgetown manor and will feature 58 newly appointed, over-sized guestrooms, improved roof top amenities, an innovative food and beverage experience, upgraded technology package and expanded common areas after its upcoming redevelopment, currently planned to commence in early 2012.  Located at the intersection of M Street NW and 30th Street, The Monticello benefits from its proximity to the nation’s top tourist attractions, renowned universities, luxury retailers, and world class restaurants.

“The Hotel Monticello is a very exciting investment for Mast Capital,” stated Camilo Miguel, Jr., Chief Executive Officer of Mast Capital.  “The hotel is our first hospitality acquisition in the Washington D.C. metropolitan area, one of the strongest and most consistent lodging markets in the United States.  We are looking forward to reinvigorating the hotel and enhancing its already charming character.  Mast Capital and HHM worked closely in getting this acquisition closed and are excited about the future success of the property.”

The Hotel Monticello represents HHM’s eighth hotel in the Washington, D.C. metropolitan area and the first hotel that HHM will be managing for Mast Capital.  “We are excited to add the Hotel Monticello to HHM’s growing portfolio of independent hotels.  It’s our first property in the vibrant neighborhood of Georgetown, and the hotel has the unique personality that we look for in the Independent Collection.  We look forward to continuing to build our partnership with Mast Capital,” stated Naveen Kakarla, Chief Executive Officer.

About Mast Capital
Mast Capital is a Florida-based, value-oriented private real estate investment company seeking to invest across the capital structure in real estate debt, equity and securities.  Its discretionary capital together with its strong internal operational and management capabilities enhances its ability to react quickly and take advantage of pricing disparities that exist in the market.  The company’s objective is to identify, acquire and manage real estate and real estate related assets, including the purchase of performing and nonperforming debt instruments and value-add opportunities across its verticals.  Additionally, Mast Capital can employ creative structures to enable the firm to transact on unique and complex opportunities.  Mast Capital focuses its efforts on hospitality, residential, office and retail opportunities throughout the United States.

About Hersha Hospitality Management
Hersha Hospitality Management currently operates over 80 hotels.  In addition to boutique hotels, Hersha Hospitality also provides turnkey hotel management and asset management for properties with leading brand affiliations through Marriott, Hilton, Hyatt, Starwood, and Intercontinental Hotel Group.  It is currently operating Independent Collection hotels in the Northeast and Florida with future sites identified on the West Coast.  This highly experienced team is accustomed to serving as a fiduciary to publicly traded companies, joint ventures, institutional real estate owners and private investors.
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Contact: 

Jerry Daly, Chris Daly
Media
(703) 435-9512
chris@dalygray.com

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Also See: Hersha Hospitality to Acquire the 263-room Courtyard Miami Beach Oceanfront for $95 Million or $361,217 per key / November 2011

Hersha Hospitality Names Mark Wagner as General Manager and Deirdre Yack as Area Director of Sales and Marketing for Hyatt 48 Lex in New York City / October 2011

Hersha Hospitality Opens New-Build 116-key Hyatt 48 Lex in New York City / October 2011

Hersha Hospitality Trust to Sell Portfolio of 18 Non-Core Properties to Starwood Capital Group for $155 million; Agreement Represents the Largest Sale in Hersha's History / August 2011

Hersha Hospitality Trust to Acquire the 175-Room Hyatt Hotel in Union Square, New York City for $104.1 Million or About $595,000 per key / July 2011

Hersha Hospitality Trust to Acquire 260-room Marriott Courtyard Westside in Los Angeles, California for $47.5 Million or $182,500 Per Key / May 2011

Hersha Hospitality Trust Acquires 112-room Holiday Inn Express Wall Street and the 81-room Hampton Inn Financial District in New York City / April 2011

Hersha Hospitality Trust Acquires Three Newly Opened Hotels in New York City for $165 million / $284,000 per Key / February 2010

Hersha Hospitality Management Adds 1,000-plus Rooms to Portfolio, Outlines Aggressive Growth Plans Via Third-Party Management/Joint Ventures / October 2009

Hersha Hospitality Trust Acquires the 45-room Duane Street Hotel in the Tribeca Area of New York City for $24.75 million / January 2008
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