Hersha Hospitality Management has integrated 25 full-service, select-service, and extended stay hotels into its managed portfolio. The newly added hotels come with long-term stable management agreements for nearly 4,000 rooms across various Marriott and Hilton brands. These properties are in and around existing HHM markets like Denver; Austin, Texas; Tampa, Fla.; Fort Lauderdale, Fla.; and Chicago while adding hotels in new HHM markets such as Salt Lake City; Louisville, Ky.; and Omaha, Neb.
This managed portfolio expansion adds three publicly traded real estate investment trusts that have not worked with HHM in the past as well as private equity firm to its roster of institutional owners, according to the company.
Over the past two years, HHM has added more than 65 hotels, including 20 hotels driven by its investment platform. HHM today operates more than 185 hotels across 30 states for nearly 25 institutional owners.
“We are equal parts humbled and motivated by this new opportunity all the while knowing that growth is a privilege and a direct result of our prior results and positive reputation in the marketplace,” HHM President and CEO Naveen Kakarla said in a statement. “We are enthusiastic about and super-focused on our early work with these four new owners and partners, each of whom presents growth and career opportunities for HHM and our team members.”