Hersha Buys Sheraton JFK Airport for $34M

JAMAICA, NY-Hersha Hospitality Trust has purchased the Sheraton JFK Airport Hotel, a brand new 150-room hotel located near the JFK Airport here for nearly $34 million. The property, which also has approximately 2,300 sf of meeting space, will be managed by Hersha Hospitality Management LP.

Jay Shah, CEO says in a prepared statement that “new properties provide us solid growth opportunities, as they mature, and have been one of the catalysts for our industry leading revenue per available room and growth in funds from operations.” He continues that this property, located approximately one-half mile from JFK International Airport, “is the first and only upper upscale asset at one of the world’s most recognized and busiest airports.”

The Philadelphia-based firm now owns 15 properties in the New York-New Jersey area, including the NU Hotel being developed in Brooklyn. The firm acquired the 45-room boutique Duane Street Hotel in the Tribeca area of New York City for nearly $24.8 million in January. That property was the firm’s second independent boutique hotel in New York City. Also, as GlobeSt.com reported in early May, Hersha Hospitality Management entered into a joint venture with AFC Realty Capital to renovate and operate a 24-room hotel in Philadelphia, which recently opened in early June.