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January 24, 2011

Hersha Hospitality to Buy Capital Hill Suites, Washington

Hersha Hospitality has signed an agreement with an unnamed private equity firm based in north-east US to buy Capital Hill Suites, Washington for $47.5m. The 152-room hotel is located one block from the congressional complex and the US Supreme Court. The acquisition is expecte

By cms admin

Hersha Hospitality has signed an agreement with an unnamed private equity firm based in north-east US to buy Capital Hill Suites, Washington for $47.5m.

The 152-room hotel is located one block from the congressional complex and the US Supreme Court.

The acquisition is expected to be funded by an assumption of $32.5m of existing debt, as well as cash on hand. Hersha says the move is part of the company’s strategy to expand in Washington and achieve cost savings through a larger operation in the area.

The hotel completed an $8m renovation in 2008, requiring minimum capital expenditures over the near term.

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