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Hersha Hospitality closes on $41.7M hotel purchase in California

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Upscale hotel owner Hersha Hospitality Trust, which has offices in Harrisburg and Philadelphia, has closed on its $41.7 million purchase of the Hotel Oceana in Santa Barbara, Calif.

The deal was announced in November.

Hersha, a self-advised real estate investment trust, used net proceeds from a recent portfolio sale to fund a portion of the acquisition.

The Hotel Oceana is on two oceanfront acres and within walking distance of downtown Santa Barbara.

Shares of Hersha stock are traded on the New York Stock Exchange under the ticker symbol HT.

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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