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Tuesday, Sep 24
Hersha sells 16 hotels to Blackstone
- In the news lately for being a seller of hotels - prepping IPOs of Hilton and Extended Stay, and considering one for La Quinta - Blackstone (BX +2.1%) is also a buyer after agreeing to purchase 16 hotels from Hersha Hospitality Trust (HT +4%) for $217M. The deal will include Courtyard by Marriott, Residence Inn, and Hampton Inn hotels on Long Island, suburban Philadelphia, CT, and RI.
- Hersha will record a gain of about $30M on the sale.
- The transaction is expected to close in 2014 Q1.
- Press release.