WASHINGTON, DC–Last week we reported that Philadelphia-based REIT Hersha Hospitality Trust announced it entered into a definitive agreement to sell a 5-hotel suburban portfolio totaling 757 rooms for $185 million, or $244,000 per key, and that two of those hotels are located in the Washington DC area: the 203-key Courtyard Alexandria in Northern Virginia and the Residence Inn in Greenbelt, MD, which has 103 rooms.
The other hotels are located in Arizona and California. They are Hyatt House Scottsdale, the Hyatt House Pleasant Hill and the Hyatt House Pleasanton.
There is new information about the deal, namely the buyer's identity, which is the Shidler Group, a Honolulu-based commercial real estate investment firm. These will be the first hotel assets the company has owned in the area. Its only other local asset, according to property records, is an industrial facility it acquired in Woodbridge, VA in 2010 for $16.5 million or $90 per square foot.
The 203-unit Marriott Courtyard last traded for $35 million in 2006. The Residence Inn with 120 units in Greenbelt, Md., last sold for $19.4 million in 2004.
WASHINGTON, DC–Last week we reported that Philadelphia-based REIT Hersha Hospitality Trust announced it entered into a definitive agreement to sell a 5-hotel suburban portfolio totaling 757 rooms for $185 million, or $244,000 per key, and that two of those hotels are located in the Washington DC area: the 203-key Courtyard Alexandria in Northern
The other hotels are located in Arizona and California. They are Hyatt House Scottsdale, the Hyatt House Pleasant Hill and the Hyatt House Pleasanton.
There is new information about the deal, namely the buyer's identity, which is the Shidler Group, a Honolulu-based commercial real estate investment firm. These will be the first hotel assets the company has owned in the area. Its only other local asset, according to property records, is an industrial facility it acquired in Woodbridge, VA in 2010 for $16.5 million or $90 per square foot.
The 203-unit Marriott Courtyard last traded for $35 million in 2006. The Residence Inn with 120 units in Greenbelt, Md., last sold for $19.4 million in 2004.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
