Hersha Buys Sheraton JFK

20th June 2008 (Last Updated June 20th, 2008 09:36)

Hersha Hospitality Trust has bought the Sheraton JFK Airport Hotel in New York for US$34m. The brand new 150-room hotel will be managed by Hersha Hospitality Management. Hersha CEO Jay Shah said new properties provide the company with solid growth opportunities as they mature

Hersha Hospitality Trust has bought the Sheraton JFK Airport Hotel in New York for US$34m.

The brand new 150-room hotel will be managed by Hersha Hospitality Management.

Hersha CEO Jay Shah said new properties provide the company with solid growth opportunities as they mature.

“This property is the first and only upper upscale asset at one of the world’s most recognised and busiest airports,” he said.

Hersha Hospitality Trust owns interests in 75 hotels, totalling 9,524 rooms, primarily along the Northeast Corridor from Boston to Washington DC in the US.

By staff writer