Blackstone Real Estate purchased 16 hotels from Hersha Hospitality trust for $217 million, including properties mostly on the East Coast of the United States. The deal is expected to close in early 2014. After debt repayment, Hersha expects a book gain of $30 million.According to Hersha CEO Jay Shah, the sale of the 16 non-core assets will improve the groups core RevPAR and EBITDA growth potential. With earnings from this transaction, Hersha expects to move into higher growth opportunities in Miami and the West Coast.The hotels included in the purchase are:
- Courtyard by Marriott Philadelphia Langhorne (118 rooms)
- Residence Inn Philadelphia Langhorne (100 rooms)
- Holiday Inn Express Langhorne - Oxford Valley (88 rooms)
- Courtyard by Marriott Ewing Princeton (130 rooms)
- Holiday Inn Express & Suites King of Prussia (155 rooms, pictured)
- Courtyard Wilmington Brandywine (78 rooms)
- Inn at Wilmington (71 rooms)
- TownePlace Suites by Marriott Harrisburg Hershey (107 rooms)
- Holiday Inn Express Hershey (78 rooms)
- Residence Inn Harrisburg Carlisle (78 rooms)
- Hampton Inn & Suites Hershey (110 rooms)
- Holiday Inn Express Hauppauge-Long Island (133 rooms)
- Hampton Inn Long Island - Brookhaven (161 rooms)
- Hyatt House Bridgewater (128 rooms)
- Hampton Inn New Haven - South - West Haven (98 rooms)
- Hampton Inn & Suites Providence/Smithfield (101 rooms)
