PHILADELPHIA--(BUSINESS WIRE)--Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of upscale hotels in urban gateway markets, today announced that the Company has opened the 81-room Hampton Inn Downtown Financial District, located at the corner of Pearl and Moore Streets near Battery Park.
“We are pleased to announce the opening of our newest hotel in this fast growing and vibrant submarket. The hotel complements our Manhattan portfolio, and is our fourth in the Financial District, leveraging the submarket’s growing popularity among corporate and leisure travelers. The addition of over 10 million square feet of brand new, world-class office space, the recently-opened September 11 Memorial & Museum, and the new World Trade Center Transportation Hub will drive significant transient room night demand moving forward. The opening of this hotel signals the successful conclusion of the Company’s major construction and development projects undertaken across the last several years, and allows us to harvest steady EBITDA growth from our new investments in an improving economic environment,” stated Mr. Jay H. Shah, Hersha’s Chief Executive Officer.
The new Hampton Inn Downtown Financial District is the Company’s fifth Hampton Inn in Manhattan and the fourteenth hotel in its Manhattan portfolio. Hersha’s comparable Manhattan portfolio generated 11.0% RevPAR growth for the trailing 28-day period, demonstrating the city’s robust demand dynamics and ability to absorb new supply.
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company's 52 hotels totaling 8,403 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company's shares are traded on The New York Stock Exchange-Euronext under the ticker 'HT'.
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. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the U.S. Securities Exchange Commission.
