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Hersha Hospitality Trust Message Board

  • Belrafiki Belrafiki Oct 6, 2009 3:57 PM Flag

    Hersha Hospitality Management Adds 1,000-plus Rooms to Portfolio, Outlines Aggressive Growth Plans

    Hersha Hospitality Management Adds 1,000-plus Rooms to Portfolio, Outlines Aggressive Growth Plans Via Third-Party Management/Joint Ventures

    http://www.prnewswire.com/news-releases/hersha-hospitality-management-adds-1000-plus-rooms-to-portfolio-outlines-aggressive-growth-plans-via-third-party-managementjoint-ventures-63594347.html

    Hersha Hospitality Management Adds 1,000-plus Rooms to Portfolio, Outlines Aggressive Growth Plans Via Third-Party Management/Joint Ventures

    Expansion Includes Upper Upscale, Luxury Boutique and Focused Service Segments

    PHILADELPHIA, Oct. 6 /PRNewswire/ -- Hersha Hospitality Management (HHM), a leading hotel management company that operates approximately 70 premium limited service, upscale, upper upscale and luxury lifestyle hotels and asset manages an additional 19 hotels, today announced that it has added more than 1,000 hotel rooms to its management portfolio, divided between third-party contracts and joint-venture hotels. The company noted that it expects to double the size of its management portfolio in the next three years and detailed aggressive growth plans to achieve its goal, via third-party management, joint ventures and asset management assignments.

    Among the company's most notable recent additions are:

    The reflagging and opening of the Renaissance Woodbridge Hotel--HHM oversaw an $18 million complete make-over of an existing 312-room hotel and conversion to the Renaissance brand. "We literally took the hotel back to the walls and redesigned and programmed it to be state-of-the-art, introducing ground-breaking concepts for the Renaissance brand," said Naveen Kakarla, HHM executive vice president. "We consolidated three restaurants into a single concept with two private dining rooms, expanded the fitness center, and totally revitalized 20,000 square feet of meeting space, while simultaneously creating a new social gathering space.

    "Renaissance is Marriott's global lifestyle brand," Kakarla said. "Guests want to have a new experience at each Renaissance that allows them to discover the unique character of their destination. The Renaissance Woodbridge more than delivers on that brand promise.

    "We have managed the Sheraton JFK in New York City since its opening last year and have been asset managers of two Marriott full-service properties and a Hilton," he added. "But with the Renaissance Metropark we were able to bring together our emerging expertise in upper scale with our relationship with joint venture partner American Properties Realty. The project came in on time and on budget and is outperforming its competitive set within months of opening."

    The opening of three Times Square hotels as third-party manager--HHM recently took over management of three new Times Square Hotels. The hotels, aggregating 582 rooms, include the Hampton Inn Times Square South, Candlewood Times Square and Holiday Inn Express Times Square.

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    • Very interesting to note the growth plans. Some details I would be interested in:
      (1) Where is the company getting the money from to finance the growth?
      (2) If it is equity from the new investors, what is their entry price?
      (3) If debt financing, what type of debt? Specifically, interest expense, etc?

 
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