ATLANTIC CITY, NJ Hersha Hospitality Management LP/The Hersha Group inked an agreement with Silver Spring, MD-based Choice Hotels International to open a 68-room Comfort Inn in Frederick, MD. The contract was formalized during the course of the trade show today at this year s Asian American Hotel Owners Association convention, which was held March 8-10 here.
Slated to open its doors by January 1, 2002, the new property will be the second lodging development the REIT and its operating companies have undertaken on behalf of Choice in Frederick. Hersha had previously opened a Mainstay Suites facility in that strong suburban office market in 1999.
According to Hersha Group President/CEO Hasu Shah, the vertically integrated real estate investment trust has so far developed roughly 20 lodging sites for Choice over the years, retains management contracts for about three-fourths of those, and still owns more than a dozen of the sites. All told, the REIT (and its subsidiaries) boasts and ownership portfolio of 28 hotels in addition to holding management contracts on 31 lodging properties. (3/9/01) Michael Billig