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Hersha's hotel portfolio getting younger, expanding
Intent on expanding its urban footprint, Hersha Hospitality Trust's decision last month to sell 18 of its secondarymarket hotels not only makes its portfolio younger but also frees equity for potential major market acquisitions in and beyond the Northeast.
"I think it allows us to sell some of our older small assets that have lesser growth profile going forward to focus on assets that have a higher growth rate in the future," CFO Ashish Parikh said of the $155 million deal with an affiliate of Starwood Capital Group.
The sale includes the 97-room Hampton Inn in Middlesex Township and five other …
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