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Hersha Hospitality Trust ( HT - Snapshot Report ) ), a self-advised real estate investment trust, recently announced that it has purchased the remaining 50% ownership stake in the Holiday Inn Express 29 th Street hotel in New York for $10.0 million. The purchase price totaled $87.5 million, including the company s initial investment at the start of operations in February 2007.
The acquisition airline discount coupon codes price signifies an initial capitalization rate of around 8.4% on the company s estimated net operating income for the twelve months ending December 2012 and an expected stabilized capitalization rate of 10.5%.
Midtown South-based, Holiday Inn Express 29 th Street, consists of 228 rooms, a business center and other modern amenities. Located airline discount coupon codes centrally between 8 th Avenue and 7 th Avenue, the property is well linked with the largest intercity train stations and major commuter rail hubs of Manhattan- Madison Square Garden airline discount coupon codes and Penn Station.
Since 2007, the property had been considered as an unconsolidated joint venture investment but from now it will be treated as consolidated asset. The acquisition transaction follows the company s previous acquisition airline discount coupon codes of 50% ownership share for $7.5 million way back in February 2007. The property bears an outstanding first mortgage loan balance of $54.6 million at interest rate of 6.5% having a maturation date of November 2016. Alongside, it also bears a mezzanine airline discount coupon codes loan of $15.0 million, which matures by the end of the second quarter of 2012.
The portfolio repositioning program is aimed towards core urban gateway markets with higher growth opportunities airline discount coupon codes that in turn would result in higher RevPAR (revenue per available room), improved Hotel EBITDA airline discount coupon codes (earnings before interest, tax, depreciation, and amortization) margins, lower debt and a higher net asset value for the entire portfolio.
Management remains upbeat about the acquisition as it fulfills the company s strategic goals. They expect the hotel to be a quality addition to its existing high-quality properties in New York and strengthen the RevPAR to reach prior peak levels. Hersha Hospitality airline discount coupon codes currently owns around 15 properties in New York.
New Cumberland, Pennsylvania-based Hersha Hospitality focuses on upscale, mid-priced and extended stay hotels in major metropolitan markets in the U.S. The company currently owns 64 hotels totaling 9,221 rooms, primarily airline discount coupon codes along the Northeast Corridor from Boston, Massachusetts to Washington DC. The company also owns hotels airline discount coupon codes in Los Angeles, Northern California and Arizona.
The company, which competes with the likes of Ashford Hospitality Trust Inc. ( AHT - Snapshot Report airline discount coupon codes ) and Host Hotels Resorts Inc. ( HST - Analyst Report ), presently has a long-term Neutral recommendation and a Zacks #3 Rank that translates into a short-term Hold rating.
At the center of everything we do is a strong commitment to independent research and sharing its profitable airline discount coupon codes discoveries airline discount coupon codes with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1986 it has nearly tripled the S&P 500 with an average gain of +26% per year. These returns cover a period from 1986-2011 and were examined and attested by Baker Tilly, an independent accounting firm.