Hersha Hotels and Resorts
Real estate investment trust
From Wikipedia, the free encyclopedia
Hersha, headquartered in Philadelphia, Pennsylvania, owns 18 hotels comprising 2,963 rooms.[1] It is owned by KSL Capital Partners, a private equity firm. Notable hotels owned by the company are the St. Gregory Hotel and The Ritz-Carlton, Georgetown, both in Washington, DC.
 | |
| Type | Privately held company |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1984 |
| Founder | Hasu P. Shah |
| Headquarters | Philadelphia, Pennsylvania |
| Products | Hotels |
| Owner | KSL Capital Partners |
Number of employees | 21 |
| Website | www |
History
In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, after whom the company was named, bought an 11-room motel near Harrisburg, Pennsylvania.[2] Five years later, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.[2]
In January 1999, a year after being organized into a Maryland real estate investment trust, it became a public company via an initial public offering.[3]
In May 2006, the firm acquired four Boston-area hotels for $44 million.[4]
In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.[5] The company acquired The Ritz-Carlton, Georgetown for $49.9 million in January 2016.[6]
Hersha sold seven of its Manhattan hotels in February 2016 to a joint venture with Chinese company Cindat Capital Management.[7]
In November 2023, private equity firm KSL Capital Partners acquired Hersha for $1.4 billion.[8][9][10]