Upscale hotel owner Hersha Hospitality Trust has agreed to sell five hotels in four states for $185 million, the real estate investment trust announced today.
The Shidler Group, a Hawaii-based commercial real estate investment firm, is buying the suburban hotels, which are in Arizona, California, Maryland and Virginia. Three of the hotels are Hyatt House properties, while the other two are Courtyard and Residence Inn brands.
Hersha, which has corporate offices in Harrisburg and Philadelphia, has owned the properties for 10 years. The company expects $105.3 million in net proceeds from the sale, with taxable gains of about $78.5 million. The sale is expected to close by the end of the year.
In addition to the five, Hersha also sold a suburban Hawthorn Suites property in Franklin, Mass., for $8.9 million to Massachusetts-based Giri Hotels.
Hersha focuses on high-end hotels in urban markets. The company owns 55 hotels totaling nearly 8,800 rooms in New York, Boston, Philadelphia, Washington, D.C., Miami and other markets on the West Coast.
Shares of Hersha stock are traded on the New York Stock Exchange under the ticker symbol HT.