Hersha Hospitality Management Diversifies Portfolio with 21 New Management Contracts and Expansion into Florida and West Coast

PHILADELPHIA, May 16, 2012 /PRNewswire/ -- HHM, commonly referred to as Hersha Hospitality Management, has added 21 contracts to its management portfolio in the past 18 months. This includes 12 hotels in its newly-formed full-service division. The additions mark HHM's strategic expansion into other regions of the country, beginning with Florida and the West Coast, while diversifying its existing portfolio in the Northeast Corridor. As a result, HHM today operates more than 80 luxury, upper-upscale, upscale, and mid-scale branded and independent hotels in major metropolitan markets

"Our goal is to continue building a meaningful presence in Florida and the West Coast with six to twelve properties in each geographic market over the next 18 months," said Naveen P. Kakarla, president and chief executive officer of HHM. "We have invested in people and infrastructure, with a plan to achieve even greater economies of scale as we grow in these markets. We are simultaneously adding full-service hotels to further diversify our portfolio."

HHM has additionally diversified its client base and created an asset management platform. Newest clients include The Moinian Group (W New York – Downtown), Blackrock Financial (Sheraton Atlantic Beach, N.C.), Campus Apartments (Homewood Suites by Hilton University City, Philadelphia), Mast Capital (Hotel Monticello) and Starwood Capital Group (19 hotels in 8 states).

Notable additions to the portfolio include:

Florida

• At the 263-room Cadillac Hotel Courtyard Miami Beach, HHM is currently building a new oceanfront tower to the hotel, expanding the block-wide property by 93 rooms.
• In St. Pete Beach, Fla., HHM added the Postcard Inn on the Beach, a full-service boutique hotel, as part of its Independent Collection.
• HHM recently relaunched a newly renovated Postcard Inn at Holiday Isle, a full-service resort spread over 12.5 acres of oceanfront property in Islamorada, Fla.

West Coast

• The full-service, AAA three-diamond Courtyard by Marriott Los Angeles Westside is HHM's first managed West Coast property.  The 260-room hotel in Culver City, Calif. features 12,000 square feet of flexible meeting space and is convenient to LAX International Airport, downtown Los Angeles, Beverly Hills and Santa Monica.
• HHM also strengthened its presence on the West Coast with three Hyatt House hotels, located in Pleasant Hill, Calif., Pleasanton, Calif., and Scottsdale, Ariz.

Northeast Corridor

• Most recently, HHM gained management of the storied Rittenhouse Hotel in Philadelphia. The 111-room AAA Five Diamond luxury hotel is also home to Lacroix Restaurant, voted one of the "World's Best Hotel Dining Rooms," by Gourmet magazine.
• Hyatt 48 Lex, on the corner of Lexington Avenue and 48th Street in Midtown East Manhattan, is a newly opened boutique hotel representing HHM's first luxury and first franchised full-service in New York. Lexington Brass, a sophisticated American bistro and Lexington Lounge, a "living room" where guests can relax and socialize, complement the hotel's intimate, familiar feel.
• Adding to the diversity of properties in New York City are the W New York - Downtown, asset managed by HHM on behalf of The Moinian Group, and Hyatt Union Square, which is set to open in July.
• Enhancing its Independent Collection portfolio in Washington D.C., HHM added the 152-room, extended-stay Capitol Hill Suites in the heart of Capitol Hill and has started managing Hotel Monticello of Georgetown on behalf of Mast Capital.

About Hersha Hospitality Management

Hersha Hospitality Management, commonly referred to as HHM, operates more than 80 hotels ranging from luxury and full-service hotels to select- and limited-service hotels from coast to coast. HHM provides turnkey hotel management and asset management for properties with leading brand affiliations through Marriott, Hilton, Hyatt, Starwood, and Intercontinental Hotel Group. HHM also operates 13 independent hotels ranging from the Rittenhouse Hotel, a AAA five diamond property in Philadelphia, to the oceanfront Postcard Inn in the Florida Keys. Our highly experienced team is accustomed to serving as a fiduciary to publicly traded companies, joint ventures, institutional real estate owners and private investors. Additional information on HHM can be found at www.hershahotels.com.

SOURCE Hersha Hospitality Management