Hersha Hospitality Trust Completes Acquisition of the Ambrose Hotel in Santa Monica, CA for $47.5 million

Hersha Hospitality Trust | December 6, 2016

PHILADELPHIA-- Hersha Hospitality Trust (NYSE:HT) ("Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company has closed on the purchase of the 77-room Ambrose Hotel in Santa Monica, CA for $47.5 million. The Company utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund The Ambrose acquisition. "The Ambrose acquisition demonstrates our continuing ability to successfully recycle capital and selectively add to our portfolio of high quality hotels. We remain focused on monetizing value that we have created in stabilized secondary market hotels and redeploying tho...