Hersha Hospitality Trust
| Company type | Privately held company |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1984 |
| Founder | Hasu P. Shah |
| Headquarters | Philadelphia, Pennsylvania |
| Products | Hotels |
| Owner | KSL Capital Partners |
Number of employees | 21 |
| Website | www |
Hersha, headquartered in Philadelphia, Pennsylvania, owns 18 hotels comprising 2,963 rooms.[1] It is owned by KSL Capital Partners, a private equity firm. Notable hotels owned by the company are the St. Gregory Hotel and The Ritz-Carlton, Georgetown, both in Washington, DC.
History
In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, after whom the company was named, bought an 11-room motel near Harrisburg, Pennsylvania.[2] Five years later, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.[2]
In January 1999, a year after being organized into a Maryland real estate investment trust, it became a public company via an initial public offering.[3]
In May 2006, the firm acquired four Boston-area hotels for $44 million.[4]
In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.[5] The company acquired The Ritz-Carlton, Georgetown for $49.9 million in January 2016.[6]
Hersha sold seven of its Manhattan hotels in February 2016 to a joint venture with Chinese company Cindat Capital Management.[7]
In November 2023, private equity firm KSL Capital Partners acquired Hersha for $1.4 billion.[8][9][10]
References
- ^ "Our Hotels". Hersha.
- ^ a b STEINBERG, DON (September 19, 2011). "The Shah Brothers Would Like You to Sleep With Them". Philadelphia.
- ^ Thomas, Marita (September 26, 2003). "Hersha to Raise $78M in Stock Offering". GlobeSt.com.
- ^ "Hersha Hospitality buys hotel portfolio for $44M". American City Business Journals. May 4, 2006.
- ^ Sernovitz, Daniel J. (June 16, 2015). "Dupont Circle hotel sells for $57 million; new owner plans to upgrade restaurant, lobby". American City Business Journals.
- ^ Neibauer, Michael (January 6, 2016). "Here's who just bought the Ritz-Carlton Georgetown". American City Business Journals.
- ^ Hilario, Kenneth (May 2, 2016). "Hersha closes $571M multi-hotel sale". American City Business Journals.
- ^ Fox, Jena Tesse (August 8, 2023). "Breaking News: KSL Capital Partners to acquire Hersha Hospitality Trust for $1.4B". Hotel Management. Questex.
- ^ O'Neill, Sean (August 28, 2023). "KSL Buys Hersha Hospitality for $1.4 Billion in Private Equity Bet on Lifestyle Hotels". Skift.
- ^ Whyte, Patrick (November 29, 2023). "KSL Capital Partners and Hersha Hospitality close $1.4bn deal". Hospitality Investor. Questex.