The development asset is an Element by Westin in Ewing, NJ, near Princeton, NJ. Hersha is partnering with American Properties Realty to construct the 127-room facility, which will be the first in the state and seventh in the chain overall. Elements feature eco-friendly rooms and other similar amenities.
Hersha was selected to take over the management duties at an existing hotel in Manhattan's Financial District into Holiday Inn-Wall Street. This is the 12th hotel the company will have under management in New York City.
Hersha will also manage two existing assets. Capstone Realty Group hired it to run the newly renovated, 200-room Farfield Inn Atlantic City (NJ) North. In Newton, PA, in Bucks County, Hersha is operating a recently constructed Homewood Suites.
Hersha operates 70 hotels under brands that include Marriott, Hilton, Hyatt, Starwood, and InterContinental Hotel Group. The firm posted a $33.6-million loss in its third quarter, while RevPAR fell 14.8%.
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