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
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