Hersha Hospitality Reintroduces the Parrot Key Hotel & Villas Following $25 Million Renovation, Post Irma
December 11, 2018 1:15pm
PHILADELPHIA, Dec. 11, 2018 -- Hersha Hospitality Trust (NYSE: HT, “Hersha” or the “Company”), owner of high-quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations, today announced the relaunch of the 148-room Parrot Key Hotel & Villas after its extensive renovation following Hurricane Irma.
“We are excited to welcome guests to our recently opened Parrot Key Hotel & Villas. The property experienced significant damage during Hurricane Irma and we decided to holistically enhance the asset to become one of the premiere resorts in Key West. Parrot Key was previously well known for its oceanfront location, award-winning landscape, and four pools nestled in tropical gardens. Our $25M renovation touched every part of the guest experience. Our rooms have been redesigned to leverage the water views and to add a measure of sophistication to the suites and villas, which remain among the most spacious on the island. We are introducing a new restaurant and bar, The Grove, which will serve a number of cocktail and fresh food offerings to our guests in its newly designed space. Our staff has been re-trained in a higher touch customer-centric service delivery model similar to our other luxury hotels and resorts in southern Florida. We also improved the resiliency of the hotel in preparation for any future potential weather events including the reinforcement of balconies, new insulation and windows across all buildings, and renovation of the retaining seawall,” stated Mr. Jay H. Shah, Hersha’s Chief Executive Officer.
Mr. Shah continued, “In Miami Beach, our Cadillac Hotel has performed quite well during its first three months of operation, boasting the #1 rating on Trip Advisor as of this writing. Compared to our last full month of December operation at The Cadillac in 2016, December 2018 is pacing 50% higher in room revenue despite being in the early ramp-up stage. Parrot Key will ramp up into the high season in Key West, and our forward outlook for the remaining weeks of December and the first quarter of 2018 is notably robust. We are excited to have these two newly improved hotels returning to our portfolio after 15 months of disruption and are looking forward to their meaningful contribution to HT’s total portfolio EBITDA in the years ahead.”
Key West remains one of the most sought-after hotel markets, a premiere destination for travelers from the North escaping the cold winters and Floridians using it as a weekend retreat in lower demand periods. Centrally located, just minutes from Historic Old Town and Duval Street, the Parrot Key Hotel & Villas is set among five acres of award-winning landscaping and palm groves, showcasing a collection of outdoor sculptures and Balinese doors. The Parrot Key’s rooms and suites each offer outdoor space while the newly designed villas are able to accommodate large parties and families with sand access from their front door. For reservations visit www.parrotkeyhotel.com
“We are also pleased to announce the launch of Hersha’s newly designed company website that allows for increased interactive functionality, enhanced content & pictures, and ease of navigation. The corporate and investor relations sites have been modernized and offer comprehensive information regarding Hersha’s portfolio, vision, leadership, and sustainability program. We look forward to your feedback as we strive to provide a best-in-class experience in all facets of our operations, stated Mr. Shah.”
The Company has posted a presentation of supplemental information regarding the enhancement of the Parrot Key Hotel & Villas on its website at www.hersha.com in the Investors section under “News & Presentations.”
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Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations. The Company's 48 hotels totaling 7,634 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The Company's common shares are traded on The New York Stock Exchange under the ticker “HT”. For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com
Ashish Parikh, Chief Financial Officer
Greg Costa, Manager of Investor Relations & Finance
Phone: (215) 238-1046
Forward Looking Statement
This press release contains forward-looking statements within the meaning of 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 reflected in the forward-looking statement, including, without limitation, the Company’s ability to implement its business strategies for The Cadillac Hotel & Beach Club on the terms and timing it expects, the Company’s forecasts of performance and future yields for The Cadillac Hotel & Beach Club, and the Company’s expectations for the long-term performance of the Miami market. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s filings with the U.S. Securities and Exchange Commission Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent reports filed by the Company with the Securities and Exchange Commission from time to time.
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