In 2007, the trust entered into a joint venture with the hotel’s developer. Hersha put up $7.5 million then and has purchased remaining ownership for $10 million, the company said.
The total acquisition price of the 12-story, 228-room hotel is $87.5 million. The property, on 29th Street between Eighth and Seventh avenues, has an outstanding first mortgage loan balance of $54.6 million and a $15 million mezzanine loan.
Hersha owns 64 upscale and select service hotels in major urban gateway markets, including Boston, Los Angeles, Miami, New York, Philadelphia and Washington. Its hotel portfolio totals 9,221 rooms.
Shares of Hersha stock are traded on the New York Stock Exchange under the ticker symbol HT.