News for the Hospitality Executive |
PHILADELPHIA, May 16, 2012 - 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. The
additions mark HHM's strategic expansion into other regions of the
country, beginning with Florida and the West Coast, while diversifying
its existing portfolio in the Northeast Corridor. As a result, HHM
today operates more than 80 luxury, upper-upscale, upscale, and
mid-scale branded and independent hotels in major metropolitan markets.
"Our goal is to continue building a meaningful presence in Florida and the West Coast with six to twelve properties in each geographic market over the next 18 months," said Naveen P. Kakarla, president and chief executive officer of HHM. "We have invested in people and infrastructure, with a plan to achieve even greater economies of scale as we grow in these markets. We are simultaneously adding full-service hotels to further diversify our portfolio." HHM has additionally diversified its client base and created an asset management platform. Newest clients include The Moinian Group (W New York – Downtown), Blackrock Financial (Sheraton Atlantic Beach, N.C.), Campus Apartments (Homewood Suites by Hilton University City, Philadelphia), Mast Capital (Hotel Monticello) and Starwood Capital Group (19 hotels in 8 states). Notable additions to the portfolio include: Florida
Hersha Hospitality Management, commonly referred to as HHM, operates more than 80 hotels ranging from luxury and full-service hotels to select- and limited-service hotels from coast to coast. HHM provides turnkey hotel management and asset management for properties with leading brand affiliations through Marriott, Hilton, Hyatt, Starwood, and Intercontinental Hotel Group. HHM also operates 13 independent hotels ranging from the Rittenhouse Hotel, a AAA five diamond property in Philadelphia, to the oceanfront Postcard Inn in the Florida Keys. Our highly experienced team is accustomed to serving as a fiduciary to publicly traded companies, joint ventures, institutional real estate owners and private investors. Additional information on HHM can be found at www.hershahotels.com. |
Contact:
Hersha Hospitality Trust Ashish Parikh, 215-238-1046 CFO
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