Hersha Hospitality Trust Closes Manhattan 7-Hotel Joint-Venture with Cindat for $571.4 million, or $526,000 per key

Hersha Hospitality Trust | May 2, 2016

PHILADELPHIA -- May 2, 2016 -- Hersha Hospitality Trust (NYSE: HT) ("Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company has closed on the joint venture for seven of the Company's premium limited service hotels in Manhattan with Cindat Capital Management Limited ("Cindat"), a China based investment management platform with offices in Beijing, Shanghai and New York City, for a total purchase price, including closing and capital improvement costs, of $571.4 million, or $526,000 per key. Cindat, backed by investors including China Cinda Asset Management Co. and Taikang Life Insurance and its a...