Hersha Hospitality Trust
 |
|
| Public company | |
| Traded as | : HT |
| Industry | Real estate investment trust |
| Founded | 1984 |
| Founder | Hasu P. Shah |
|
Key people
|
Hasu P. Shah, Chairman Jay H. Shah, CEO Neil H. Shah, COO Ashish R. Parikh, CFO |
| Revenue |
 $0.466 billion (2016) |
 $0.121 billion (2016) |
|
| Total assets |
$2.155 billion (2016) |
| Total equity |
$0.835 billion (2016) |
|
Number of employees
|
49 (2016) |
| Website | www |
Hersha Hospitality Trust is a real estate investment trust that invests in hotels. The company is named after the wife of the founder. As of December 31, 2016, the company wholly owned 43 hotels comprising 6,344 rooms and partially owned 12 hotels comprising 2,456 rooms.
In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, bought an 11-room motel near Harrisburg, Pennsylvania.
In 1984, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.
In May 2006, the company acquired 4 Boston-area hotels for $44 million.
In June 2013, the company acquired the San Diego Marriott Courtyard for $71.1 million.
In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.
In February 2016, the company sold 7 of its Manhattan hotels to a joint venture with Chinese company Cindat Capital Management. The company also acquired The Ritz-Carlton, Georgetown for $49.9 million.
In November 2016, the company acquired the Courtyard by Marriott Sunnyvale for $75 million.
In December 2016, the company acquired the Ambrose Hotel in Santa Monica, California for $47.5 million.
In February 2017, the company acquired the Pan Pacific Hotel for $79 million. The company also acquired the Ritz-Carlton Coconut Grove in Miami for $36 million.
In July 2017, the company acquired the Westin Philadelphia for $135 million.
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Wikipedia