View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
August 21, 2011

Hersha to sell non-core hotels to Starwood Capital

Hersha Hospitality has agreed to sell 18 properties to an affiliate of private investment firm Starwood Capital Group for $155m. With the sale of the properties Hersha hopes to generate net proceeds of $54m and reduce its mortgage debt. Hersha Hospitality CEO Jay Shah said the

By cms admin

Hersha Hospitality has agreed to sell 18 properties to an affiliate of private investment firm Starwood Capital Group for $155m.

With the sale of the properties Hersha hopes to generate net proceeds of $54m and reduce its mortgage debt.

Hersha Hospitality CEO Jay Shah said the sale represents a major step in the transformation of the company’s portfolio as it continues to execute its non-core disposition programme.

The ongoing realignment of the portfolio is expected to result in higher revenue per available room, improved hotel earnings before interest, taxes, depreciation and amortisation margins, lower debt and a higher net asset value for the entire portfolio.

Hersha Hospitality Trust owns interests in 79 hotels, totalling 10,702 rooms.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Hotel Management Network