100
PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has closed on the sale of 14 of 18 secondary-market hotels with an affiliate of Connecticut-based Starwood Capital Group for $40.5 million. The real estate investment trust announced the sale last August as part of a portfolio restructuring. Hersha owns upscale and mid-priced hotels in major markets including Boston and New York. Starwood, a privately held global investment firm, bought a 49.9 percent stake in Hersha last year to target the U.S. hospitality sector. Six of the 18 properties in the deal are located in Pennsylvania.