Hersha Hospitality Trust (HT) recently announced that it has acquired an interest in a mixed-use building, which includes The Rittenhouse Hotel, adding to its collection of 66 properties in urban gateway markets nationwide. Retaining all the current associates of the property, Hersha Hospitality Management will assume management of the hotel 111-room hotel.
“We are pleased to enhance our presence in the emerging Philadelphia market with the acquisition of the highly rated Rittenhouse Hotel,” said Jay H Shah, CEO, Hersha Hospitality Trust. Shah added, “We look forward to being long term owners of The Rittenhouse. Philadelphia is poised to become one of the country's top five travel destinations over the next four years. While The Rittenhouse remains a Philadelphia hospitality treasure, we believe that room exists for enhancements that will continue the hotel's exceptional reputation.” David G Marshall, President, Rittenhouse Development Corporation, the original developer and one of the owners of the hotel said, “We are very pleased to be transitioning stewardship of The Rittenhouse to Hersha Hospitality Trust.” This acquisition includes 44,000 square feet of retail and office space. The primary leaseholders include Smith & Wollensky, Citizens Bank, Prudential, Adolf Biecker Spa & Salon, and Saxbys Coffee. Hersha is also purchasing the adjacent fee simple stand-alone parking garage with 300 parking spaces. Opened in 1989, the property is a member of The Leading Hotels of the World, featuring guest rooms ranging from 410 to 2,200 square feet. Facilities at the property include Lacroix Restaurant, Bar 210, full-service Adolf Biecker Spa and Salon, swimming pool, fitness centre, underground parking and space for social and business functions. Ted Teng, President and CEO, The Leading Hotels of the World said, “With its upcoming purchase of The Rittenhouse, the most prestigious address in Philadelphia, Hersha Hospitality Trust will further enhance the hotel's global recognition as a Leading Hotel,” he added, stated a release.
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“We are pleased to enhance our presence in the emerging Philadelphia market with the acquisition of the highly rated Rittenhouse Hotel,” said Jay H Shah, CEO, Hersha Hospitality Trust. Shah added, “We look forward to being long term owners of The Rittenhouse. Philadelphia is poised to become one of the country's top five travel destinations over the next four years. While The Rittenhouse remains a Philadelphia hospitality treasure, we believe that room exists for enhancements that will continue the hotel's exceptional reputation.” David G Marshall, President, Rittenhouse Development Corporation, the original developer and one of the owners of the hotel said, “We are very pleased to be transitioning stewardship of The Rittenhouse to Hersha Hospitality Trust.” This acquisition includes 44,000 square feet of retail and office space. The primary leaseholders include Smith & Wollensky, Citizens Bank, Prudential, Adolf Biecker Spa & Salon, and Saxbys Coffee. Hersha is also purchasing the adjacent fee simple stand-alone parking garage with 300 parking spaces. Opened in 1989, the property is a member of The Leading Hotels of the World, featuring guest rooms ranging from 410 to 2,200 square feet. Facilities at the property include Lacroix Restaurant, Bar 210, full-service Adolf Biecker Spa and Salon, swimming pool, fitness centre, underground parking and space for social and business functions. Ted Teng, President and CEO, The Leading Hotels of the World said, “With its upcoming purchase of The Rittenhouse, the most prestigious address in Philadelphia, Hersha Hospitality Trust will further enhance the hotel's global recognition as a Leading Hotel,” he added, stated a release.
Source
Commis II Indian - Jobs in India