(Mark your calendars: RealShare Philadelphia 2012 will be held at the Union League on March 7.)
PHILADELPHIA-Hersha Hospitality Trust has acquired the 111-room Rittenhouse Hotel, its 44,000 square feet of retail/restaurant/office space, and an adjacent 300-space parking garage for $42 million.
Jones Lang LaSalle Hotels orchestrated the sale on behalf of the seller, The Rittenhouse Development Company. The hotel by itself was valued at $23.9 million, or $215,000 per key. Opened in 1989, it has historically produced the highest revenue per available room (RevPar) in the Philadelphia market.
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