Starwood Capital Group, a Greenwich, Conn., real estate investment firm, bought a 49.9 percent stake in Philadelphia-based Hersha Hospitality Management L.P., which manages 70 hotels for Hersha Hospitality Trust and other clients, the two companies said.
The price was not disclosed.
Five executives and trustees of Hersha Hospitality Trust, a real estate investment trust, collectively owned 70 percent of Hersha Hospitality Management at the end of 2009, according to a Securities and Exchange Commission filing.
The two firms said the Starwood investment would allow Hersha Hospitality Management to expand across the country from its concentration in Boston, Connecticut, New York, New Jersey, Philadelphia and Washington. - Harold Brubaker