{"id":1004121221,"date":"2015-06-15T18:54:41","date_gmt":"2015-06-16T02:54:41","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352802"},"modified":"2020-05-22T00:23:10","modified_gmt":"2020-05-22T08:23:10","slug":"hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\/","title":{"rendered":"Hersha Hospitality Snaps Up Third Hotel In DC\u2019s CBD"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/001.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-352804\" title=\"001\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/001.jpg\" alt=\"St. Gregory Hotel &amp; Suites\" width=\"300\" height=\"199\" \/><\/a>Hersha Hospitality Trust is expanding its presence in the Washington, D.C., area. The REIT recently announced it had entered into a purchase agreement for a hotel in the city\u2019s central business district. It will be Hersha\u2019s third hotel in the CBD.<\/p>\n<p style=\"text-align: justify;\">According to the agreement, Hersha will pay $57 million to buy the St. Gregory Hotel &amp; Suites. It will finance the acquisition with cash on hand and proceeds from its $250 million senior unsecured credit facility. The acquisition includes assumption of $25.8 million in mortgage debt that matures in September 2021. Hersha expects to close the deal by the end of June.<\/p>\n<p style=\"text-align: justify;\">The St. Gregory is a nine-story building located at 21st and M Street, N.W., in D.C.\u2019s DuPont Circle neighborhood. Of its 155 rooms, 101 are suites with kitchens. The rooms were last renovated in the fall of 2014. Amenities include a restaurant and bar, 3,500 square feet of meeting space, exercise facilities and a 50-space underground parking garage. Hersha said in a news release that the hotel operated at an average daily rate of $169.36 and occupancy of 89.5 percent in the trailing 12 months ending April 30, 2015.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <a href=\"https:\/\/www.stgregoryhotelwdc.com\" rel=\"nofollow\" >www.stgregoryhotelwdc.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>St. Gregory Hotel &amp; SuitesHersha Hospitality Trust is expanding its presence in the Washington, D.C. area. The REIT has recently announced it has entered into a purchase agreement for a hotel in the city&rsquo;s central business district. It will be Hersha&rsquo;s third hotel in the CBD.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004121221","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hersha Hospitality Snaps Up Third Hotel In DC\u2019s CBD - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hersha Hospitality Snaps Up Third Hotel In DC\u2019s CBD\" \/>\n<meta property=\"og:description\" content=\"St. Gregory Hotel &amp; SuitesHersha Hospitality Trust is expanding its presence in the Washington, D.C. area. The REIT has recently announced it has entered into a purchase agreement for a hotel in the city&rsquo;s central business district. It will be Hersha&rsquo;s third hotel in the CBD.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-16T02:54:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T08:23:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/001.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Hersha Hospitality Snaps Up Third Hotel In DC\u2019s CBD\",\"datePublished\":\"2015-06-16T02:54:41+00:00\",\"dateModified\":\"2020-05-22T08:23:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/\"},\"wordCount\":205,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/001.jpg\",\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\\\/\",\"name\":\"Hersha Hospitality Snaps Up Third Hotel In DC\u2019s CBD - 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