The price for Tyson's Corner Residence Inn was $19.8 million, or $206,250 a key. It contains 96 rooms and is located in Northern Virginia's affluent business and shopping area, 20 minutes from Washington, DC and less than a half hour from Dulles International Airport and Reagan National Airport. The acquisition is financed with cash and the assumption of a $9.6-million mortgage at a fixed rate of 6.52%.

The Scranton property, located at the base of Montage Mountain Ski Resort, contains 120 rooms. Its price tag was $8.7 million, or $72,500 a key, which included the assumption of a $6.3-million mortgage at an interest rate of 5.83%.

The Tyson's Corner property "increases our leverage to the upscale segment with strong Marriott affiliations," says Jay H. Shah, Hersha's CEO. "The Scranton Courtyard purchase is small relative to our recent acquisitions, but at a price below replacement cost and accretive to our earnings." He says it also compliments the REIT's cluster of Pennsylvania hotels with consistent cash flows.

These acquisitions bring Hersha's portfolio to 52 properties aggregating 6,068 rooms. The properties are primarily in high barrier to entry markets from Boston to Washington, DC.