Hersha Hospitality buys Rittenhouse Hotel

"The Rittenhouse Hotel has a new owner.
Hersha Hospitality Trust, a real estate investment trust that owns 67 hotels mostly in the Northeast Corridor, closed on a deal to buy the 111-room, five-diamond luxury hotel for $42 million Thursday, chief executive officer Jay H. Shah said.

"We're delighted with the opportunity to really transition ownership," Shah said in an interview just moments after the deal was sealed. "We're very excited about being the new era of ownership of this Philadelphia icon."

Hersha bought the hotel, which includes 152 residential condominiums, from Rittenhouse Development Corp., which developed, owned, and also managed it.
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