Blackstone Real Estate Advisors has agreed to buy 16 hotels from Hersha Hospitality Trust for $217 million. The transaction is expected to close by the end of the first quarter of 2014. Hersha Hospitality Trust is an owner of upscale hotels in urban markets.
PRESS RELEASE
PHILADELPHIA–(BUSINESS WIRE)–Hersha Hospitality Trust (NYSE: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.
