Hersha Hospitality Acquires Iconic Rittenhouse Hotel

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(Philadelphia, PA) -- Hersha Hospitality Trust recently announced it added the iconic Rittenhouse Hotel to its collection of 66 luxury properties in urban gateway markets nationwide.  The 111-room independent hotel is rated AAA Five Diamond and recognized as "Best in Philadelphia" and "Best Hotels in the World" by Travel + Leisure.  Hersha Hospitality Management will assume management of the hotel.

"We look forward to being long term owners of The Rittenhouse," said Jay H. Shah, Chief Executive Officer, Hersha Hospitality Trust. "Philadelphia is poised to become one of the country's top five travel destinations over the next four years. While The Rittenhouse remains a Philadelphia hospitality treasure, we believe that room exists for enhancements that will continue the hotel's exceptional reputation and begin to tell an exciting new 'Philadelphia Story' about the city that is our home and has our hearts."

Opened in 1989, The Rittenhouse, a member of Leading Hotels of the World, features spacious guestrooms that range in size from 410 to 2,200 square feet. The hotel is also home to Lacroix Restaurant, Bar 210, full-service Adolf Biecker Spa and Salon, swimming pool, fitness center, ample space for social and business functions and 400 parking spaces. The hotel is ideally situated on Philadelphia's famed Rittenhouse Square, within walking distance to the heart of the business district and premier shopping corridor.  Additionally, the hotel affords easy access to the Philadelphia Convention Center and all of the City's numerous arts, cultural, dining and entertainment venues.

Ted Teng, President and CEO of Leading Hotels of the World said, "With its upcoming purchase of The Rittenhouse -- the most prestigious address in Philadelphia -- Hersha Hospitality Trust will further enhance the hotel's global recognition as a Leading Hotel."

"We are very pleased to be transitioning stewardship of The Rittenhouse to Hersha Hospitality Trust," said David G. Marshall, President of the Rittenhouse Development Corporation, the original developer and one of the owners of the hotel.  "We have great confidence that Hersha will build upon the fine legacy that we created at this iconic Philadelphia hotel."

The Rittenhouse's gracious suites have been a favorite residence of notables such as actor Robert De Niro, former President George H.W. Bush, Rolling Stone Mick Jagger, and opera star Luciano Pavarotti. In addition, the hotel has been a significant supporter of the arts in Philadelphia throughout the years.

Hersha Hospitality Trust is a self-advised real estate investment trust, which owns 67 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,598 rooms.