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Hersha buys Courtyard by Marriott for $75M

Upscale hotel owner Hersha Hospitality Trust, which has corporate offices in Harrisburg and Philadelphia, has acquired a new West Coast hotel and signed an agreement to purchase a second hotel.

Hersha said it has spent $75 million to buy the 145-room Courtyard by Marriott hotel in Sunnyvale, Calif. The real estate investment trust also has agreed to buy the 77-room Ambrose Hotel in Santa Monica, Calif.

The company said it was able to use $18.6 million in proceeds from two recent sales in suburban Boston to support the Ambrose purchase, which is expected to close by the end of the year.

Across the last several years, Hersha has invested about $350 million in northern and southern California. These new hotels are near major technology employers, including Google, Apple and Facebook.

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

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