PHILADELPHIA-Hersha Hospitality Trust’s operating income rose 75% in the fourth quarter of 2007, reaching $11.9 million, compared with $6.8 million for the same quarter of 2006. Operating revenues rose 52.9% to $57.5 million, up from $37.6 million in the parallel quarter of the previous year.

Calling the company’s 2007 growth “very strong” during a conference call, Jay Shah, CEO, said “significant internal growth from both our stabilized and newer hotels contributed to our 16.1% revenue increase per available room.” He also said RevPAR growth in the Hersha properties in the metro areas of New York City, Boston and Washington, DC rose 28.4%, 20.6% and 18.6%, respectively. That compared with overall industry estimates of 13.5%, 18.6%, and 7.4%, respectively for those same markets, he noted.

Just seven hotels were added to the Hersha portfolio in 2007, compared with 44 additions during the previous two years. “We purposely shifted our primary focus to internal growth and asset management in order to drive our portfolio RevPAR and hotel profitability,” he said, adding that would be a “continuing priority in the years ahead.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.