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Starwood Buys Big Stake in Hersha Hospitality Mgmt.

PHILADELPHIA-The combined entities will look to purchase hotel assets throughout the country.

By Ian Ritter | Updated on June 08, 2010

PHILADELPHIA-Starwood Capital Group purchased a 49.9% stake in locally based Hersha Hospitality Management, and the two firms will now nationally pursue the purchase of select- and full-service hotels. Financial details of the acquisition were not released by either party.

Part of the two firms’ strategy is to look at value-added opportunities. The mangement teams of Hersha, headed by CEO Naveen Kakarla, and Starwood, led by Chairman Barry Sternlicht are also looking at acquiring assets in select suburban areas.

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