USA-based Hersha Hospitality Trust owner of upscale and select service hotels in major metropolitan markets, announced that it has purchased the remaining 50 per cent interest it did not previously own in a 130-room Courtyard Ewing Hopewell located in New Jersey, for assumption of debt and nominal cash consideration. Since Hersha’s initial acquisition in 2004,
the property has been accounted for as an unconsolidated joint venture investment but will become a consolidated asset as of the third quarter of 2012. “Gaining full control of this high quality hotel will enable us to maximize our investment as the sub-market recovery continues and as the lodging cycle gains strength,” commented Jay H Shah, CEO, Hersha Hospitality Trust. "Additionally, the advantageous location of the hotel provides it with consistent and accelerating demand from key corporate clients such as Bank of America-Merrill Lynch and BlackRock Financial Services," added Shah.
Source
the property has been accounted for as an unconsolidated joint venture investment but will become a consolidated asset as of the third quarter of 2012. “Gaining full control of this high quality hotel will enable us to maximize our investment as the sub-market recovery continues and as the lodging cycle gains strength,” commented Jay H Shah, CEO, Hersha Hospitality Trust. "Additionally, the advantageous location of the hotel provides it with consistent and accelerating demand from key corporate clients such as Bank of America-Merrill Lynch and BlackRock Financial Services," added Shah.
Source