Hersha Hospitality Trust to Sell Non-Core Urban Select Service Properties for $505 Million

Hersha Hospitality Trust | April 28, 2022

PHILADELPHIA, April 28, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced that it has entered into a definitive agreement to sell seven of its non-core Urban Select Service properties outside of New York (the “USS Portfolio”) for gross proceeds of $505 million, or approximately $360,000 per key. Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We’re pleased to have reached an agreement that supports our long-term strategic objectives and delivers immediate shareholder val...