Hersha Hospitality Management, a hotel management company that operates approximately 70 premium limited-service, upscale, upper-upscale and luxury lifestyle hotels and asset manages an additional 19 hotels, is adding four new properties to its portfolio in the first 45 days of the new year. Three of the hotels are owned by third parties and one is a joint-venture investment. HHM's strategy is to double the size of its portfolio in the next three years via third-party management, joint ventures, and asset management.
The company's new additions are:
Holiday Inn-Wall Street— HHM is taking over management and converting a full-service, independent hotel in the Financial District of Manhattan (directly across from the Federal Reserve and a few blocks from the NYSE) to the Holiday Inn-Wall Street. It is HHM's 12th property in New York City and the Holiday Inn's only hotel in the Financial District.
Fairfield Inn Atlantic City North— Capstone Realty Group selected HHM to take over management of this 200-room hotel, which is located between the beaches and casinos of Atlantic City and the Atlantic City Airport. The hotel just completed a full renovation in 2009 and subsequently was acquired by Capstone via a loan purchase of the hotel's leasehold mortgage.
Homewood Suites Newtown/Bucks County, PA -- Pheasant Run Properties selected HHM to launch the newly-built Homewood Suites by Hilton in Newtown/Bucks County, PA. It is HHM's sixth hotel in the Greater Princeton and Bucks County regions.
Element by Westin in Ewing/Princeton, New Jersey— HHM partnered with American Properties Realty as a joint-venture investor in the first Element by Westin in New Jersey. HHM will also manage the hotel, the seventh of the brand globally. The 127 rooms offer eco-friendly amenities, spa-inspired showers and provide a new longer-stay alternative for business and leisure travelers.