Hersha Hospitality Announces Agreement to Acquire 175-Room Hyatt Hotel in ...

The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012. “The addition of this extremely well located, efficient full service Hyatt hotel greatly enhances our already strong presence in Manhattan,” commented Jay H. Shah, Chief Executive Officer. “The Company continues to execute on its long-term plan of establishing itself as one of the premier providers of top quality hotels in high growth urban gateway markets with strong barriers to entry. The Union Square hotel will benefit from some of the most robust lodging demand in the country, and we believe this property is strategically positioned to leverage New York’s strong recovery and the multiple demand generators in Midtown South, Greenwich Village and Downtown. These vibrant market characteristics, combined with the desirability of this new asset, should drive attractive growth in revenue per available room and cash flow as the hotel matures into the recovery. The hotel, at the corner of 4 Street, will be the closest major hotel to New York University and will be close to the entertainment, fashion and design districts of Manhattan. The hotel is expected to perform favorably relative to its competitive set, which includes the W Union Square, the Gramercy Park Hotel and the Gansevoort Park.”

The Hyatt Union Square will be a 4-star hotel with a historic facade and 23?foot lobby ceilings that will create a unique space for guests. Amenities will include an upscale restaurant, a destination lobby bar, an exclusive rooftop lounge, private terraces, a state of?the art fitness facility, and a pool.

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Long a landmark in Amana, the Ox Yoke Inn occupies a former communal kitchen house, built in 1856. In 1870, the Society added the brick portion to enlarge the building. The Hertel Küche (kitchen) operated from 1856 until 1932, when Theodore Hertel bought the building from the Amana Society during the Reorganization. When the "Great Change" occurred many members bought the residences in which they were living from the Society as part of the privatization that followed the end of communal life. The "Great Change" began in March of 1931, when the leaders of the Amana Society informed the members of the increasingly bad financial condition of the Amana Society and by vote of the people of the Amana Colonies, the Society reorganized into separate divisions: the Amana Church Society, which looked after the spiritual and charitable affairs of the community; and the secular Amana Society which was organized as an incorporated, capitalistic stock company for pecuniary profit. By 1932 this change was complete. Although accounts vary somewhat, the Great Change of the Amana Society occurred basically as a response to growing secularization, a desire for individualism and personal choice, inefficiency and duplication within the society work force, increased outside visitation due to the popularity of the automobile, and the nationwide economic depression.

Throughout the communal period, the Amana villages had over 50 kitchen houses. In exterior appearances these buildings resembled other residential dwellings, except for an extension to the side. The kitchens were in this wing; the kitchen boss lived in the main part of the house. Several nearby homes were assigned to one kitchen house. All of the families living in the dwellings received their meals from the Community Kitchen. No one prepared individual family meals in the Amana Colonies although most families did begin to take their meals home to eat in the last years of the communal period. Visitors have always enjoyed coming to the Amana Colonies for a family style meal, and several families in town opened restaurants in response to the demand. The Leichsenrings opened the Ox Yoke Inn in 1940, in the building just to the west of its present location. They moved shortly after that to the former Hertel Küche and have added on to the building over the years.

The Ox Yoke Inn is located at 4420 220th Trail, in Amana. It serves German family style meals year round.

From: www.nps.gov/history/nr/travel/amana/oxy.

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