Hersha Hospitality Trust has entered into a definitive agreement to sell seven of its noncore Urban Select Service properties outside of New York City for $505 million.
“With the sale of these noncore properties, we are able to continue our transformation by deepening our focus on our luxury and lifestyle and New York portfolios — both demonstrating resiliency coming out of the pandemic,” said Jay Shah, Hersha’s CEO. “Our resort markets and lifestyle properties continue to outperform — as reflected in our first-quarter financial results announced yesterday — and our purpose-built New York City cluster, coupled with our unique operating model, positions us for strong performances across the recovery.”
The following select-service properties will be included in the transaction:
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