Hersha buys Rittenhouse for $42 million

Exterior of The Rittenhouse Hotel
Exterior of The Rittenhouse Hotel

On Thursday Hersha Hospitality Trust, Philadelphia, bought 111-room luxury The Rittenhouse Hotel, also located in Philadelphia for US$42 million.

The REIT will take over management of the independent The Rittenhouse, which is a member of Leading Hotels of the World, and said it plans to retain all associates including GM David Benton.

The Rittenhouse, situated on Rittenhouse Square, features guestrooms ranging from 410 to 2,200 sq ft (38 to 204 sq m), a spa and salon, the Lacroix Restaurant and Bar 210.

“We look forward to being long-term owners of The Rittenhouse,” said Jay Shah, CEO of Hersha. “Philadelphia is poised to become one of the country’s top five travel destinations over the next four years. While The Rittenhouse remains a Philadephia hospitality treasure, we believe that room exists for enhancements that will continue the hotel’s exceptional reputation.”

Past guests at The Rittenhouse include former U.S. President George H.W. Bush, singer Mick Jagger and actor Robert De Niro.