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HERSHA WANTS CORE HOTELS

Hersha Hospitality Trust is about to unload a slew of hotels in Pennsylvania and other neighboring states as it focuses on core markets, including Philly. (Looks like somebody really wants to win inMonopoly.)
Hersha CFO Ashish Parikh tells us his company has 18 hotel properties throughtout Pa., Va. and Conn. under contract with Starwood Capital for $155M at an 8.3% cap. In turn, Ashish says Hersha will continue to focus on core markets, such as NY, Philly, San Francisco, and Boston. For instance, it just bought a Courtyard on Miami Beach for a 6.5% cap from a family-owned group. No word yet on any pending Philly buys.

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