Hersha Acquires Two Long Island Hotels
Properties Added to Company's Existing Cluster of Five Metro-New York Hotels
PHILADELPHIA, PA, September 6, 2006. Hersha Hospitality Trust (AMEX: HT - News), a real estate investment trust (REIT) and owner of 62 nationally franchised, upper-upscale, upscale and midscale limited service and extended-stay hotels, today announced the closing of the acquisition of the Hampton Inn, located in Farmingville, New York and the Holiday Inn Express in Hauppauge, New York.
The 161-room Hampton Inn in Farmingville, New York was purchased for $21.5 million comprising cash and the assumption of $15.5 million in debt, as previously announced. The hotel is located on the Long Island Expressway and is easily accessible to MacArthur Airport.
The Company's purchase of the 133-room Holiday Inn Express in Hauppauge, New York was finalized at $18 million comprising of cash and the assumption of $10.6 million in debt. The hotel is located on the Long Island Expressway, near the entrance of a 1,400-acre Industrial Park.
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