Blackstone to Pay $505 Million for Hersha Hospitality Hotels (1)

Blackstone Inc. agreed to pay $505 million for seven urban hotels sold by Hersha Hospitality Trustas the private equity giant expands its select-service hotel property investments.

“We are pleased to have reached an agreement to acquire these high-quality and well-located hotels,” Scott Trebilco, senior managing director in Blackstone’s real estate unit, said in an emailed statement. “These properties are complementary to our existing select-service hotels and are seeing accelerating performance as the travel sector continues to recover.”

Many urban hotels have been slow to bounce back since the pandemic forced them to shut down as business travel trailed leisure ...