Hersha Hospitality Trust Buys Rittenhouse Hotel in Philadelphia for $42M
- Mar 08, 2012
By Veronica Grecu, Associate Editor
Philadelphia’s famous Rittenhouse Hotel, one of the finest hotels globally according to a Travel + Leisure 2011 ranking, and the 10th Business Hotel in the World, is no longer a part of the Rittenhouse Development Corp. portfolio.
Hersha Hospitality Trust paid $42 million for the mixed-use complex that includes the hotel building (a member of the Leading Hotels of the World), retail space, a 44,000-square-foot leased office facility, and a garage with 400 spaces, 300 of which are located in an adjacent property.
In a statement, Hersha CEO Jay Shah said that more space and enhancements could be added to the hotel’s 111 existing rooms. However, according to USA Today, the management seems pleased with the hotel as it is for the time being.
Located at 210 West Rittenhouse Square within walking distance to the business and shopping district, the AAA Five Diamond Rittenhouse Hotel has been a favorite residence of film, music and TV stars such as Tom Hanks, Oprah, Mick Jagger and even former President George H.W. Bush since its grand opening in 1989.
The facility also includes an award-winning Lacroix Restaurant, considered among the finest in the world, a full-service Adolf Biecker Spa and Salon, a swimming pool, a fitness center, and 8,500 square feet of social and business function space.
With this new acquisition, real estate investment trust Hersha Hospitality expands its collection of properties to 67. Eleven are located in the Philadelphia region.
Citybizlist reported The Rittenhouse Development Co. was represented in the transaction by a Jones Lang LaSalle Hotels team led by Managing Director Bob Webster and Senior Vice President Tim Southard.
Photo courtesy of Hersha Hospitality Trust