S outheastern P ennsylvania
Real Estate Journal — Southeastern Pennsylvania — April 13 - 26, 2018 — 7C
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M id A tlantic
Solid Rock Advisors advised owner on the sale Hersha Hospitality Trust sells Hampton Inn Financial District for $32.4million in Philadelphia P
HILADELPHIA, PA — Hersha Hospital- ity Trust (Hersha) , owner of high quality hotels in urban gateway markets and coastal destinations, announced the sale of the 81- room Hampton Inn Financial District for $32.4 million. “This transaction highlights Hersha’s ability to success- fully execute accretive dis- positions and upgrade the portfolio with higher growth hotels in our core markets. While we remain bullish on the Manhattan lodging mar- ket, this was an opportunistic sale, representing a trailing twelve-month economic capi- talization rate of 4.4% and a hotel EBITDA multiple of 19.8x. Our capital recycling program over the past two years has proven to be ex- tremely successful and during that time, we have sold 19 mature, stabilized hotels for YEADON, PA — Tryko Partners, LLC continues to grow its presence in the Philadelphia skilled nursing community with the acquisi- tion of ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon. Marquis Health Services, the compa- ny’s healthcare affiliate and a third-generation nursing home operator, will orchestrate a more than $2.5 million reno- vation of the property, which has been renamed Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed fa- cility provides post-hospital care, short-term rehab and long-term residential care. It maintains a four-star rating from the Centers for Medicare & Medicaid Services (CMS) with a five-star rating for qual- ity measures. Tryko/Marquis
Hampton Inn
$900 million at an average economic capitalization rate of 5.9% and 15.1x EBITDA multiple. Proceeds from this sale were utilized to fund our share repurchase program and pay down our Term loans
by $18 million,” said Jay Shah , Hersha’s CEO. Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high qual-
ity upscale hotels in urban gateway markets and coastal destinations. The company's 48 hotels totaling 7,503 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida
and select markets on the West Coast. The company's common shares are traded on The New York Stock Ex- change under the ticker “HT.” Solid Rock Advisors ad- vised Hersha on the sale. n
Tryko Partners, LLC adds Philadelphia-area facility to skilled nursing community portfolio
that best support the region- al needs for quality skilled nursing care,” noted Norman Rokeach, chief executive officer for Marquis Health Services. “At Providence Rehabilitation and Healthcare Center, we are currently further develop- ing the facility’s pulmonary- cardiovascular rehab program. In addition, we will continue building on the strong relation- ship with Mercy Fitzgerald Hospital and plan to develop other specialty programs for the benefit of this community.” The acquisition was financed with CIBC , one of Tryko’s long-time banking partners. “CIBC quickly and easily understood the opportunity and the facility’s strategic fit within our existing operating and investment portfolio,” said Chad Buchanan , Tryko Partners’ chief investment of- ficer. “As always, they closed the transaction with us seam- lessly, which allowed us to fo- cus our efforts on the facility’s patients, their families and our staff.” n
ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon
purchased the facility from a ManorCare Health Services/ Mercy Fitzgerald Hospital joint venture. The hospital will retain ownership of the land. “This acquisition marks our second skilled nursing facility in the Greater Philadelphia region,” said Tryko Partners’ Uri Kahanow , director of acquisitions. “As an owner and operator with strong relation- ships with top area healthcare providers, we are well-suited to partner with Mercy Fitzgerald
and look forward to working closely with the hospital. This facility is one of the nicest physical plants in the competi- tive market, and we are excited about the opportunity to take it to a whole new level.” Located at 600 South Wy- combe Ave. in Yeadon, a sub- urb of Philadelphia in Dela- ware County, Providence Re- habilitation and Healthcare Center at Mercy Fitzgerald re- cently underwent a $1 million capital improvement program
under the previous ownership. Updates at the 52,000 s/f facil- ity included the addition of a 1,500 s/f therapy space. Tryko/Marquis’ planned renovation will further mod- ernize the facility’s rehab therapy gymand accommodate expanded programming. In ad- dition, extensive upgrades are planned for the lobby, common areas, and private and semi- private patient rooms. “One of Marquis’ areas of expertise is creating specialty programs
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