hersha
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...
Hersha Hospitality Trust Sells Courtyard San Diego for $64.5 Million
Hersha Hospitality Trust | January 5, 2021
PHILADELPHIA, Jan. 05, 2021-- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced it entered into a binding sales agreement on the 245-room Courtyard San Diego for $64.5 million resulting in a net book gain approximating $5.4 million. The Courtyard San Diego has no property-level debt and will result in net proceeds of $64.5 million which will be utilized to repay borrowings under the Company’s credit facilities. “After a highly competitive sales process, we are pleased to announce the sale of the Courtyard San Die...
Hersha Hospitality Trust Announces First Quarter 2020 Results
Hersha Hospitality Trust | May 7, 2020
- Implements Aggressive Cost Containment Strategies - - Amends Bank Credit Facility to Access Additional $100 Million - - Obtains Full Financial Covenant Waiver through March 31, 2021 - PHILADELPHIA, May 07, 2020 -- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced results for the first quarter ended March 31, 2020. First Quarter 2020 Financial Results Net loss applicable to common shareholders was approximately ($29.1 million), or ($0.76) per diluted common share, in the first quart...
Hersha Hospitality Management Debuts AC Hotel Pleasanton in California’s Tri-Valley Following $20 Million Renovation
AC Hotels by Marriott | November 19, 2019
Pleasanton, CA – November 19, 2019 – Revitalizing an idyllic suburban locale, AC Hotels by Marriott® and Hersha Hospitality Management announce the highly-anticipated arrival of AC Hotel Pleasanton to Northern California’s Tri-Valley. AC Hotel Pleasanton, formerly Sheraton Pleasanton, offers a thoughtfully-modern hotel following a more than $20-million comprehensive transformation which features 171-reimagined guest rooms, engaging communal spaces, and the debut of a new outdoor pool deck among the redesigned touches introduced to the property. “Pleasanton is one of the most vibrant destinations in the Tri-Valley, continually ex...
Hersha Hospitality Trust Sells Hampton Inn Financial District for $32.4 Million
Hersha Hospitality Trust | March 14, 2018
PHILADELPHIA, March 14, 2018 -- Hersha Hospitality Trust (NYSE:HT), "Hersha" or the "Company"), owner of high quality hotels in urban gateway markets and coastal destinations, today announced the sale of the 81-room Hampton Inn Financial District for $32.4 million. "This transaction highlights Hersha's ability to successfully execute accretive dispositions and upgrade the portfolio with higher growth hotels in our core markets. While we remain bullish on the Manhattan lodging market, this was an opportunistic sale, representing a trailing twelve-month economic capitalization rate of 4.4% and a hotel EBITDA multiple of 19.8x. Our capital...
Hersha Hospitality Trust Acquires Seattle’s 153-Room Pan Pacific Hotel for $79 Million
Hersha Hospitality Trust | February 23, 2017
PHILADELPHIA-February 23, 2017-Hersha Hospitality Trust (NYSE: HT, "Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company acquired the 153-room Pan Pacific Hotel in Seattle, WA for $79.0 million. The Pan Pacific Hotel is part of the 2200 Westlake mixed-use project, which was developed by Seattle-based Vulcan Inc. in 2006. The property is located at the gateway to South Lake Union, Seattle's fastest growing neighborhood, where Vulcan has developed 6.3 million square feet of office, biotech, residential, and retail and hospitality projects since 2004. "The Pan Pacific Hotel was one of our most ...
Hersha Hospitality Trust Acquires the Ritz-Carlton, Coconut Grove for $36 Million
Hersha Hospitality Trust | February 23, 2017
PHILADELPHIA-February 23, 2017-Hersha Hospitality Trust (NYSE: HT, "Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company acquired the 115-room Ritz-Carlton in Coconut Grove, Miami, FL for $36.0 million. "We are pleased to acquire The Ritz-Carlton, Coconut Grove at an attractive basis, capitalizing on recent dislocation in the Miami lodging market. It is exceptional real estate in the highest growth, highest barrier submarket in Miami. Timing is particularly good as the blocks around the hotel are being transformed with high profile luxury residential just across the street, the retail redeve...
Hersha Hospitality Trust Completes Sale of Two Suburban Washington, DC Hotels for $62 Million
Hersha Hospitality Trust (HT) | January 11, 2017
PHILADELPHIA-- Hersha Hospitality Trust (NYSE: HT, "Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company closed on the sale of the 203-room Courtyard by Marriott in Alexandria, VA, and the 120-room Residence Inn in Greenbelt, MD for $62.0 million. The Company has agreed to a 6-month extension to close on the sale of three suburban West Coast hotels for $130.5 million, a $7.5 million increase from the original purchase price. In addition, the Company has redeemed its interest in its Mystic Partners joint-venture, acquiring all ownership interest of the 285-room Mystic Marriott Hotel & Spa...
