Hersha Hospitality Trust announced this week that it had closed on the sale of Hotel 373 in midtown Manhattan to an offshore investment fund for $37 million, or approximately $529,000 per key. "The pricing on the sale of Hotel 373 is indicative of Manhattan's highly sought after real estate market, and underscores the quality and value of Hersha's New York City hotel portfolio," said Jay Shah, chief executive of Hersha, in a statement. Hersha was represented by New York City-based broker Solid Rock Advisors East, LLC in the transaction.
"The successful closing of the sale of Hotel 373 at attractive pricing highlights the inherent value of Hersha's New York City hotel portfolio, and demonstrates the strong domestic and international interest from public and private groups seeking well-located cash flowing real estate in top U.S. gateway markets," added Shah. "The Company utilized a portion of the proceeds generated from the sale to repurchase 2.6 million common shares. Moving forward, we will continue to examine opportunities to divest stabilized assets and redeploy the proceeds into higher growth opportunities, or to repurchase common shares when our stock price does not properly reflect value."
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