Hersha sells seven Manhattan hotels for $571m
Hersha Hospitality Trust has agreed to form a joint venture with Cindat Capital Management that will own seven limited-service hotels in Manhattan totaling 1,087 rooms for a total purchase price of $571.4 million.
The proposed joint venture is structured with Cindat as the preferred joint venture partner holding a 70 percent ownership stake, while Hersha retains a 30 percent equity interest.
The hotels include Candlewood Suites Times Square, Hampton Inn Times Square, Hampton Inn Chelsea, Hampton Inn Herald Square, Holiday Inn Express Times Square, Holiday Inn Wall Street and Holiday Inn Express Wall Street.
The transaction is expected to close by March 31.
The sale follows Hersha’s purchase of the 86-room Ritz-Carlton Georgetown in Washington, D.C., for $50 million and the 238-room Hilton Garden Inn M Street, also in the District of Columbia, for $106.5 million.
Hersha will continue to fully own 10 high-quality, well-located ho