News & Press Releases
February 9, 2016
HHM Acquires Cambridge Hotel and Expands Their Private Investment Platform
Philadelphia-Based Hospitality Company Strengthens Portfolio with Best Western Tria Purchase
PHILADELPHIA – February 9, 2016 –HHM announced today that it now owns and manages the Best Western Tria in Cambridge, Mass., further expanding its private-investment platform and management footprint. The company plans to extensively renovate the 121-room property, with upgrades to the guestrooms, public areas and exterior façade that represent the style and vibrancy of the Cambridge community.
The Best Western Tria marks HHM’s fourth hotel within their new and growing private-investment platform.The acquisition of this Boston-area property comes shortly after HHM’s recent procurement of the Residence Inn Philadelphia Conshohocken. The company also just expanded its management and private investment portfolio in Florida where, in the past eight months, it assumed management and partial ownership of both the Hilton Daytona Beach Resort and the Sheraton Miami Airport Hotel and Executive Meeting Center.
HHM is very conscious of marquee urban and resort areas across the country but also looks to expand their diverse portfolio with unique brands and properties in thriving submarket neighborhoods and business communities. This new Cambridge property and their other most recent acquisition of the 137-suite Residence Inn Philadelphia Conshohocken are perfect examples of that.
Boosting the company’s Florida portfolio is also a priority for HHM, making both the Sheraton Miami Airport Hotel and the Hilton Dayton Beach Resort cornerstones of this private-investment platform. The Sheraton Miami was the first property to launch this unique investment platform and – with 405 rooms, 17,000 square feet of updated meeting space, an 1,800 square foot fitness facility, plus multiple food and beverage outlets –it made for an impressive first acquisition. Next came the oceanfront Hilton Dayton, their largest hotel yet with 744 rooms, which is located just minutes from Daytona Beach International Airport.
“We are thrilled to expand our investment platform yet again, as well as our Boston-area presence,” said HHM CEO Naveen Kakarla.“HHM is looking forward to continuing the growth and development of our private investment side of the company and thrive in new markets across the country.”
HHM, formerly known as Hersha Hospitality Management, operates 115 hotels across the United States. Headquartered in Philadelphia, PA, the company has a private investment platform and engages in hotel acquisitions, management, asset management, and receivership for full-service and select service in top 25 markets. HHM also operates 28 independent hotels ranging from The Rittenhouse Hotel, a AAA Five Diamond property in Philadelphia, to the Larkspur Landing hotels, all-suite extended stay properties in Northern California and the Pacific Northwest. Its highly experienced team partners with publicly traded companies, private equity firms, institutional real estate owners, and private investors. Additional information on HHM can be found at hhmhospitality.com.