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Washington DC Was Hersha's Best Performing Market in Q1

WASHINGTON, DC--The presidential inauguration gave the REIT's Washington, DC urban portfolio a boost.

Ritz Carlton Georgetown Ritz Carlton Georgetown

WASHINGTON, DC–Philadelphia-based Hersha Hospitality’s best performing market during the first quarter was its Washington DC, urban portfolio, which reported 15.4% revenue per available room growth. The REIT’s Washington, DC metro area portfolio reported 11.9% RevPAR growth, followed by the Philadelphia and Boston portfolios at 11.1% and 8.2%, respectively, for the quarter.

Rate-based gains, and robust performance in the Washington, DC cluster from January’s presidential inauguration drove a Hotel EBITDA increase of 3.5% to $32.5 million, according to CEO Jay Shah.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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