{"id":1004161174,"date":"2016-12-08T07:55:31","date_gmt":"2016-12-08T15:55:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161174"},"modified":"2022-12-07T03:31:44","modified_gmt":"2022-12-07T11:31:44","slug":"hersha-closes-purchase-of-ambrose-hotel-for-48m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hersha-closes-purchase-of-ambrose-hotel-for-48m\/","title":{"rendered":"Hersha Closes Purchase of Ambrose Hotel for $48M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004161187\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161187\" data-attachment-id=\"1004161187\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hersha-closes-purchase-of-ambrose-hotel-for-48m\/ambrose-hotel-santa-monica-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg\" data-orig-size=\"667,1000\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ambrose Hotel, Santa Monica, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Ambrose Hotel, Santa Monica, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg?w=667\" class=\"wp-image-1004161187 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg\" alt=\"Ambrose Hotel, Santa Monica, Calif.\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg 667w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Ambrose-Hotel-Santa-Monica-Calif..jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004161187\" class=\"wp-caption-text\">Ambrose Hotel, Santa Monica, Calif.<\/p><\/div>\n<p><strong>Santa Monica, Calif.<\/strong>\u2014Hersha Hospitality Trust has announced the closing of its purchase of the Ambrose Hotel in Santa Monica, Calif. The company paid $47.5 million to acquire the 77-key property and used 1031 exchange proceeds from the recent sales of two suburban Boston hotels to fund the purchase.<\/p>\n<p>\u201cThe Ambrose acquisition demonstrates our continuing ability to successfully recycle capital and selectively add to our portfolio of high quality hotels,&#8221; said Jay Shah, CEO of Hersha, in prepared remarks. &#8220;We remain focused on monetizing value that we have created in stabilized secondary market hotels and redeploying those gains into high-growth hotels in valuable gateway markets. Across 2016, the Company acquired 5 preeminent hotels in Monterey, Washington D.C., Boston, Silicon Valley and Santa Monica for $380.9 million. The addition of the Ambrose further hones our geographic mix of urban gateway and destination markets, while focusing the Company\u2019s resources on high RevPAR lifestyle hotels.&#8221;<\/p>\n<p>The Ambrose is located within\u00a0Santa Monica\u2019s 7.9 million-square-foot Class A office market which includes Google, Facebook, Apple, IMAX, Hulu, Riot Games and more. The hotel offers a two-story, 82-space parking garage, an executive meeting room and a fitness center.<\/p>\n<p>&#8220;We have a\u00a0strong conviction in Santa Monica\u2019s sound lodging fundamentals and growing real estate values,&#8221; added Shah.\u00a0&#8220;Santa Monica is a true seven-day-a-week destination supported by a multiplicity of demand generators, with minimal seasonality and some of the highest barriers to entry in the United States.\u201d<\/p>\n<p><em>Image courtesy of the Ambrose Hotel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ambrose is located within the area&#8217;s 7.9 million-square-foot Class A office market and features a two-story, 82-space parking garage, an executive meeting room and a fitness center. <\/p>\n","protected":false},"author":746,"featured_media":1004161187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,21742,15],"tags":[33052],"class_list":["post-1004161174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-latest","category-west","tag-hersha-hospitality-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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