Hersha Hospitality Sells Interest in Rhode Island Hotel

PHILADELPHIA-Locally-based Hersha Hospitality Trust reports it has sold its interest in the 92-room Courtyard by Marriott in Warwick, RI for $7.15 million.

Hersha Hospitality had a 66.7% interest in the 92-room hotel, which it states was acquired in August 2005. The company did not reveal the identity of its joint venture partner in its announcement. However in June 2005 Hersha Hospitality announced that it had signed definitive agreements to enter into a joint venture with Waterford Hospitality Group, LLC. The newly formed company named Mystic Partners, LLC, was to own a portfolio consisting of nine Marriott and Hilton-branded hotels with 1,707 rooms in Connecticut and Rhode Island with an aggregate value of approximately $250 million. One of the hotels in that joint venture deal was the Courtyard by Marriott in Warwick, RI.