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Hersha sells hotels in D.C. suburbs, moving on from others on the West Coast
Hersha sold the 203-room Courtyard by Marriott in Alexandria, Va., and the 120-room Residence Inn in Greenbelt, Md.
The real estate investment trust also announced that a plan to sell three suburban hotels on the West Coast for $130.5 million is slated to close by July.
The trust also has exited a joint-venture deal in Connecticut. Hersha transferred its partnership interests in the Hartford Marriott and the Hartford Hilton for $8.5 million, its entire equity investment in those properties.
But the company also assumed full ownership of the Mystic Marriott Hotel & Spa in Mystic, Conn.
Hersha officials said the moves were made to redeploy capital into higher-growth hotels in urban markets with higher barriers to entry. The company has been focusing on upscale hotels in New York, Washington, D.C., Boston, Philadelphia, Miami and select markets on the West Coast.
Hersha shares are traded on the New York Stock Exchange under the ticker symbol HT.
