HARRISBURG, PA – Hospitality REIT Hersha Hospitality Trust entered into an agreement to sell seven of its non-core, Urban Select Service hotel properties, outside of New York, for $505 million.
The transaction, which will equate to $360,000 per key, aligns with the firm's long-term strategy to focus on resort, luxury, lifestyle and destination-orientated assets, as well as its New York portfolio.
Hersha CEO Jay H. Shah states, "We're pleased to have reached an agreement that supports our long-term strategic objectives and delivers immediate shareholder value. With the sale of these non-core properties, we are able to continue our transformation by deepening our focus on our luxury & lifestyle and New York portfolios – both demonstrating resiliency coming out of the pandemic."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
