HERSHA HOSPITALITY TO SELL 18 PROPERTIES FOR $155M

by admin

PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has definitively agreed to sell 18 properties to an affiliate of Starwood Capital Group for approximately $155 million, including outstanding mortgage debt. The 18 hotels yielded an approximate 8.4 percent cap rate. Upon the sale, Hersha plans to generate approximately $54 million in net proceeds, reduce its consolidated mortgage debt by approximately $61.5 million and reduce its unconsolidated mortgage debt by approximately $18.3 million. The deal is expected to close by the end of the year.

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