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.
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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.
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