Hersha Hospitality to Sell Select Service Properties for $505m

Hersha Hospitality says it is selling seven of its non-core Urban Select Service properties outside of New York for gross proceeds of $505m.

• Proceeds of about $360,000 per key
• Properties sold are Courtyard Brookline, Hampton Inn Philadelphia, Hilton Garden Inn M Street, Hampton Inn Washington DC, Courtyard Sunnyvale, Courtyard Los Angeles Westside and TownePlace Suites Sunnyvale
• Proceeds to provide immediate liquidity for a significant net debt reduction of approximately $460m to $480m
  • In addition to approximately $390m to $410m of corporate debt, the company expects to reduce mortgage debt associated with the portfolio by approximately $75m
  • Company also expects to ...