Philadelphia’s Rittenhouse Hotel could be for sale

Philadelphia-based REIT Hersha Hospitality Trust reportedly is in talks to purchase Philadelphia’s luxury Rittenhouse Hotel, according to the Philadelphia Inquirer.

Neither Hersha nor the hotel would comment on a possible deal to the Inquirer. Hersha CEO Jay Shah only offered in an email to the newspaper, “Given we are a hotel owner and that we engage in the evaluation of hotels for purchase and sale on an almost daily basis, we don’t comment about any particular assets we are exploring.”

Rittenhouse Development Co. is the current owner and management company of the 87-room Rittenhouse.

Hersha has ownership stakes in 78 hotels mostly in the northeastern United States.