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...