PHILADELPHIA (AP) — In a story Sept. 24 about Hersha Hospitality Trust selling 16 hotels for $217 million, The Associated Press erroneously reported that the company exited the Connecticut and Rhode Island markets. In fact, Hersha sold only its "consolidated properties" in those states, or the hotels that it controlled. Those were two Hampton Inn hotels — one each in West Haven, Conn., and Smithfield, R.I.
Hersha still owns "non-consolidated" stakes in four hotels in Connecticut: the Marriott Downtown Hartford, Hilton Hartford, Courtyard by Marriott Norwich and Mystic Marriott Hotel and Spa.
A corrected version of the story is below:
Hersha to sell 16 hotels to Blackstone
Hersha sells 16 hotels to Blackstone for $217M; looking for growth in Miami, West Coast
PHILADELPHIA (AP) — Hersha Hospitality Trust said on Tuesday that it will sell 16 hotels to an affiliate of Blackstone Real Estate Advisors for $217 million.
The deal means Hersha is leaving the New York's Long Island and suburban Philadelphia markets, selling off Holiday Inn Express, Hampton Inn, Courtyard by Marriott and other properties. It also sold one Hampton Inn property in Connecticut and one in Rhode Island.
The proceeds work out to $125,000 per room key, the company said. The deal is expected to close by the end of the first quarter of 2014.
The 8 Best Natural Gas Stocks. Find Out How to Invest.