From Philly.com:
Hersha Hospitality Eyes Philly’s Rittenhouse Hotel
The tough economy has forced the independent Rittenhouse (rated AAA Five Diamond, the highest ranking) to make adjustments, just like most other hotels. With leisure travelers more price-cautious and corporate travel still squeezed, it has found a new niche among families vacationing closer to home rather than going overseas. The new year may bring a new owner, too. Earlier this month, it was learned that Hersha Hospitality Trust of Maryland was in negotiations to buy the hotel. At the Rittenhouse's dedication last week of a suite to opera great Luciano Pavarotti, Neil Shah, one-half of the Hersha empire with brother Jay, acknowledged that talks were continuing. But industry observers say that a deal is likely by Jan. 1 and that the Shahs had asked Benton to stay on as general manager. Click here for the full story.