HERSHA WANTS CORE HOTELS
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|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.|