News
Philadelphia Commercial Real Estate

HERSHA'S BIG RITTENHOUSE BET

Here's an example of irony. We just held our Bisnow Retail Real Estate Summit at The Rittenhouse Hotel (as you can see here). And now Hersha Hospitality Trust—one of our regular panel participants— just bought it (perhaps we can request a finder's fee). Hersha announced last week it bought the 111-room (and 44k SF of retail and office and a parking garage) hotel for $42M. It paid $215k per room for the hotel portion, and Rittenhouse typically has the highest RevPAR in the Philly market, the company reports. Other hotel features: Lacroix Restaurant, an indoor pool, fitness center, 8,500 SF of business and social function space (of which we're quite familiar) and 100 underground parking spaces.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Philadelphia Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

'Redefining Industry Standards': RCG's 3-Pronged Approach To Building Automation

Philly's Big-Box Warehouse Owners Subdivide Spaces After Developing 'The Wrong-Size Buildings'

King Of Prussia Pursues Stadium To Anchor $200M Mixed-Use Complex

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

America's War Machine Is Growing, Sparking A Defense Real Estate Boom