Hersha Hospitality Trust (HT) Completes Sale of Certain Non-Core Assets
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Hersha Hospitality Trust (NYSE: HT) has closed on the previously announced sale of 14 of the 18 non-core assets. The Company expects to complete the sale of the remaining four assets by the end of the first quarter, pending completion of the CMBS loan assumption process.
The sale of the 14 assets generated net proceeds of approximately $40.5 million, reduced the Company’s consolidated mortgage debt by $42.5 million and reduced its proportionate share of unconsolidated mortgage debt by $13.8 million.
The sale of the 14 assets generated net proceeds of approximately $40.5 million, reduced the Company’s consolidated mortgage debt by $42.5 million and reduced its proportionate share of unconsolidated mortgage debt by $13.8 million.
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