109-Room Hotel Trades Hands

A recent transaction has left Fairfield Inn Laurel under the ownership of Hersha Hospitality Trust. The Philadelphia-based REIT acquired the 109-room hotel from Washington, DC's the Bernstein Cos., and will now spend about $1 million to upgrade the 17-year-old Marriott brand property.

Financial terms of the deal are not readily available; however, according to Prince George's County records, the five-story hotel and the two-acre parcel it occupies at 13700 Baltimore Ave. have a combined current assessed value of approximately $7.4 million.

Fairfield Inn Laurel sits just off I-95 and is within five miles of such leading area destinations as the University of Maryland, the US Department of Agriculture, Bowie State University and Beltsville Area Research Center. "The Baltimore-Washington DC corridor remains a key market for us, with its strong business and leisure demand and high barriers to new competition," Hersha president and COO Jay H. Shah says. "Laurel offers easy access to both Baltimore and Washington, and with our three other properties in the area, including the Greenbelt Residence Inn located eight miles away, we will be able to take advantage of management and marketing synergies.”

Source: GlobeSt
Author: Barbra Murray