Hersha Hospitality Announces the Closing of Non-Core Property Sale
February 23 2012 - 5:08PM
Business Wire
Hersha Hospitality Trust (NYSE: HT), owner of upscale and select
service hotels in urban gateway markets, announced that the Company
has closed on the previously announced sale of 14 of the 18
non-core assets. The Company expects to complete the sale of the
remaining four assets by the end of the first quarter, pending
completion of the CMBS loan assumption process.
The sale of the 14 assets generated net proceeds of
approximately $40.5 million, reduced the Company’s consolidated
mortgage debt by $42.5 million and reduced its proportionate share
of unconsolidated mortgage debt by $13.8 million.
The sales are part of an ongoing portfolio transformation as the
Company recycles its capital into higher growth urban gateway
markets. The resulting portfolio is one with significantly improved
operating metrics including higher Average Daily Rate, Hotel EBITDA
margins and a lower average age.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate
investment trust, which owns 66 hotels in major markets including
New York, Washington, Boston, Philadelphia, Los Angeles and Miami.
HT focuses on upscale and mid-priced hotels in urban gateway
markets.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, and, as such, may involve known and unknown risks,
uncertainties and other factors that may cause the actual results
or performance to differ from those reflected in the
forward-looking statement. For a description of these factors,
please review the information under the heading “Risk Factors”
included in Hersha Hospitality Trust’s Annual Report on Form 10-K
for the year ended December 31, 2010, filed with the U.S.
Securities Exchange Commission and the prospectus supplement and
accompanying prospectus relating to the offering.
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