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NEW YORK CITY-In the first acquisition since its April 2003 formation, the joint venture comprised of Hersha Hospitality Trust and CNL Hospitality Properties Inc., purchased the newly-opened, 144-room Hampton Inn-Chelsea. The JV has the capacity to acquire approximately $150 million of premium-branded mid-priced hotels in the Northeast. The financial details of the transaction were not released.

“The Hampton Inn Chelsea is the prototypical property we seek – newly-built, mid-market hotels in northeastern US markets with high barriers to new competition,” says Hasu P. Shah, chairman and CEO of Hersha Hospitality Trust, the general partner of HT/CNL Metro Hotels. “New York has one of the highest barriers to hotel development in the nation and the highest historical RevPAR.”

Located on 24th Street, just off of Sixth Avenue, the 20-story hotel features boutique furnishings, an outdoor patio and high-speed Internet access in guest rooms and public areas, a fitness center, complimentary local telephone calls and complimentary daily breakfast.

Hersha is a self-advised REIT that currently owns 19 hotels in New York, Pennsylvania, Maryland and Georgia. Orlando-based REIT CNL is an affiliate of CNL Financial Group Inc. and specializes in investing in hotels and resorts. Through partnering with several lodging companies, CNL owns interests in a portfolio of 126 hotels with more than 26,000 rooms in 37 states with 19 hotel brands.

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