Hersha Hospitality Management LP, which does business as HHM, continues to grow its West Coast hotel management operations.
The management affiliate of Harrisburg-based Hersha Hospitality Trust, a self-advised real estate investment trust that specializes in select-service hotels in urban gateway markets with high barriers to entry, has added the historic Figueroa Hotel in downtown Los Angeles to its portfolio.
The 285-room Figueroa is directly across the street from L.A. Live, a 4-million-square-foot entertainment complex adjacent to the Staples Center, which includes the Nokia Theatre.
The Figueroa joins the company’s full-service division and 17 other managed properties on the West Coast.
In all, HHM operates 115 hotels across the U.S., including 28 independent hotels.
The company has steadily grown by working with a select group of large asset managers with sizable hospitality portfolios. That list includes BlackRock Financial and Starwood Capital Group.
HHM reported $23.1 million in revenue in 2012, the latest data available, according to Business Journal records. That was up from $17.5 million in 2011 and $13.2 million in 2010.
The trust, which is publicly traded, finished 2013 with $338.4 million in revenue, up from $301.2 million.