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Hersha Hospitality acquires Holiday Inn Express in midtown Manhattan

Hersha Hospitality has purchased the remaining 50% interest it did not previously own in the 228-room Holiday Inn Express 29th Street in New York, NY. Including its initial investment at the commencement of operations in February 2007, the total acquisition price is $87.5M, or $383,772 per key. Since the company’s initial acquisition, the asset had been accounted for as an unconsolidated joint venture investment but will now become a consolidated asset for 2012.