Search
 

109-Room Hotel Trades Hands

LAUREL, MD-The Fairfield Inn Laurel comes under new ownership as Hersha Hospitality Trust acquires the 109-room property from the Bernstein Cos. Hersha is planning to upgrade the 17-year old hotel.

By Barbra Murray | Updated on February 09, 2005

LAUREL, MD-A recent transaction has left Fairfield Inn Laurel under the ownership of Hersha Hospitality Trust. The Philadelphia-based REIT acquired the 109-room hotel from Washington, DC’s the Bernstein Cos., and will now spend about $1 million to upgrade the 17-year-old Marriott brand property.

Financial terms of the deal are not readily available; however, according to Prince George’s County records, the five-story hotel and the two-acre parcel it occupies at 13700 Baltimore Ave. have a combined current assessed value of approximately $7.4 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.