Hersha Hospitality Trust last week closed on the sale of four noncore hotel properties that were among 18 it said last year it was selling, according to a filing with the Securities and Exchange Commission.
Hersha, which has offices in Harrisburg and Philadelphia, said in February it closed on the sale of 14 of the 18 hotels to SOF-VIII U.S. Hotel Co-Invest Holdings LP, or SOF VIII, an affiliate of Connecticut-based Starwood Capital Group.
The company closed May 8 on the sale of the last four to SOF VIII, according to the filing.
The sale of the four properties generated net cash proceeds for Hersha of about $13.9 million, reduced consolidated mortgage debt by about $18.8 million and reduced proportionate share of unconsolidated mortgage debt by about $4.6 million, the filing stated.
The remaining hotels included Residence Inn locations in Mystic, Conn.; North Dartmouth, Mass.; and Williamsburg, Va., and a Springhill Suites in Williamsburg, Va., according to regulatory filings.
Starwood Capital Group owns an interest of about 49.9 percent in Hersha Hospitality Management LP, the third-party manager of 55 Hersha hotels as of a regulatory filing in February.
Certain Hersha officers and trustees own an interest in Hersha Hospitality Management, according to the filing.
