Blackstone Pays $217M For Hersha Hotel Portfolio

Law360, New York (September 24, 2013, 1:24 PM EDT) -- An affiliate of private equity titan Blackstone Group LP has agreed to acquire 16 U.S. hotels from real estate investment trust Hersha Hospitality Trust for roughly $217 million, the Pennsylvania-based REIT announced Tuesday.

Blackstone Real Estate Advisors LP will acquire the portfolio of hotel properties located primarily in the northeast U.S. from Hersha in a deal valued at roughly $125,000 per room. The acquisition is slated to closed in the first quarter of 2014.

Hersha, which currently owns a portfolio of 48 U.S. hotels, will complete...
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