Room by Room, Hotel Owners Build Up RevPAR
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Sheraton Suites Key West
WASHINGTON, DC—When Hersha Hospitality Trustacquired Washington DC’s St. Gregory Hotel last month for $57 million, it would have been understandable to assume the REIT wouldn’t be investing much in upgrades. After all, the previous under had competed a renovation of its rooms in Fall 2014. But no — Hersha Hospitality Trust plans to reposition the hotel’s restaurant, bar and lobby.
Ditto when DiamondRock Hospitality Co. acquired the fee simple interest in Sheraton Suites Key West for $94 million, or $511,000 per key. Key West, FL, is the highest RevRAP market in the US, CEO CEO Mark Brugger said at the time of the deal’s announcement…
