July 5, 2007
Hersha completes purchase of Norwich hotel
Hersha Hospitality Trust, a real estate investment trust, announced that it completed the purchase of the 134-room Holiday Inn-Norwich for $16 million and limited partnership units, earlier this week. The hotel, located near Pfizer’s research and development headquarters, the U.S. Coast Guard Academy and the Foxwoods and Mohegan Sun casinos, underwent a $4.5 million revamp earlier this year. Hersha will assume $8.2 million in debt as part of the deal.
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