Hersha Hospitality Trust to Sell Hotel Milo Santa Barbara and Pan Pacific Seattle for $125 Million
Hersha Hospitality Trust Class A Common Shares of Beneficial Interest (HT)
Last hersha hospitality trust class a common shares of beneficial interest earnings: 2/24 04:15 pm
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Source: GlobeNewswire
– Net Proceeds are expected to be used for general corporate purposes including, but not limited to, additional debt repayment and dividend payments – – Price implies a blended 2.9% cap rate and 27.0x EBITDA multiple on 2019 results and a $455K per key valuation – PHILADELPHIA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, today announced 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. Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We’re pleased to have reached two separate agreements that are expected to increase our operational flexibility while furthering our long-term strategic objectives and delivering immediate shareholder value. The valuation of these two assets is yet another confirmation of the public-to-private market v
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