Fresh off selling a hotel in Manhattan, upscale-hotel owner Hersha Hospitality Trust has spent $41.5 million to buy a new hotel in Maryland.
Hersha, which has corporate offices in Harrisburg and Philadelphia, said Tuesday it has purchased the 150-room Annapolis Waterfront Hotel in Annapolis, Maryland, from Thayer Lodging. Thayer is based in Annapolis.
Hersha said the acquisition was funded through recent hotel sales and refinancing proceeds. In mid-March, the company sold its 81-room Hampton Inn Financial District hotel for $32.4 million. The company opened the Manhattan hotel in the summer of 2014.
Over the past two years, the company has sold 19 hotels for $900 million. Hersha often uses the proceeds from hotel sales to buy new hotels in higher-growth markets. For example, the company bought two hotels in Miami and Seattle last year following a sale in suburban Washington, D.C.
The Maryland hotel is on the Annapolis Harbor adjacent to the town square, the Annapolis Yacht Basin and the Annapolis Yacht Club. It also is a three-block walk from the main gate of the United States Naval Academy. All are major tourist attractions.
Other attractions include St. John’s College, the Colonial-era Maryland State House and the State Capitol complex.
Hersha owns 49 hotels with 7,653 rooms overall. The company’s properties are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and select markets on the West Coast. Shares of company stock are traded on the New York Stock Exchange under the ticker symbol HT.