Hersha Hospitality To Sell Two Of Its West Coast Properties For $125 Mln

(RTTNews) - Hersha Hospitality Trust (HT), owner of luxury and lifestyle hotels in coastal gateway and resort markets, announced Monday that it has entered into definitive agreements to sell two of its West Coast properties for gross proceeds of $125 million, or approximately $455,000 per key.

Hersha intends to use the proceeds from the sale to pay down approximately $45 million of debt and expects to utilize the remainder for general corporate purposes including, but not limited to, additional debt repayment and dividend payments.

These transactions are subject to customary closing conditions and are expected to close in the fourth quarter of 2022, subject to customary closing conditions.