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PHILADELPHIA - Hersha Hospitality Trust, a real estate investment trust that owns interests in 75 hotels, said Thursday it has purchased the new Sheraton JFK Airport Hotel in Jamaica, New York for $34 million.
| HT | 7.24 |  -0.01 |
The 150-room property, which has about 2,300 square feet of meeting space, will be managed by Hersha Hospitality Management LP.
In connection with the purchase, Hersha assumed a floating rate loan for $23.8 million and issued 1.2 million limited partnership units to a third party developer and to an affiliate, Hersha Conduit Associates LLC.
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