Hersha REIT To Pay $74M For Hilton-Flagged NYC Hotel

Law360, New York (October 24, 2012, 3:25 PM EDT) -- Philadelphia real estate investment trust Hersha Hospitality Trust will buy a Hilton Garden Inn-flagged hotel property in New York City for $74 million, Hersha Hospitality announced Wednesday.

The self-advised REIT said the deal price included roughly $42 million in first mortgage debt currently held on the hotel. Hersha Hospitality will either assume or extinguish the mortgage debt once the deal closes, which won't take place until after construction of the hotel in east Midtown Manhattan is completed.

The 205-room hotel is expected to be finished in...
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