Hersha Sells Manhattan Hotel Portfolio

Adjacent to each other in Times Square, several of Hersha Hospitality Trust’s hotels here have been sold.

NEW YORK CITY—Hersha Hospitality Trust has sold the controlling interest in seven of its limited service hotels, providing 1,087 rooms, in Manhattan to Cindat Capital Management for $571.4 million, or $526,000 per key. The two companies agreed to form a joint venture in which Cindat is the preferred partner—holding a 70% ownership stake—while Hersha retains a 30% equity interest.

Assets that will be contributed to the joint venture are the Holiday Inn Express Times Square, 210 rooms; Candlewood Suites Times Square, 188 rooms; Hampton Inn Times Square, 184 rooms; Hampton Inn Chelsea, 144 rooms; Hampton Inn Herald Square, 136 rooms; Holiday Inn Wall Street, 113 rooms and Holiday Inn Express Wall Street, 112 rooms.