Hersha Hospitality Trust to Sell Portfolio of 16 Non-Core Hotels for $217 Million

Hersha Hospitality Trust HT (the “Company”), owner of upscale hotels in urban gateway markets, today announced the Company has entered into a definitive agreement to sell 16 hotels to an affiliate of Blackstone Real Estate Advisors (“Blackstone”) for gross proceeds of $217 million, or approximately $125,000 per key. This transaction marks the Company's exit from Long Island and suburban Philadelphia, as well as the sale of the Company's remaining consolidated properties in Connecticut and Rhode Island. “The anticipated sale of these non-core portfolio hotels completes our transformation into a pure play, urban transient portfolio with exposure to some of the highest demand gateway markets in the United States,” explains Mr. Jay H. Shah, the Company's See full press release