Hersha Nets $37M In Manhattan Hotel Sale

Law360, New York (February 24, 2014, 6:14 PM EST) -- Hersha Hospitality Trust has signed a definitive agreement to sell a small hotel in Midtown Manhattan to an unknown offshore investment group for $37 million, the real estate investment trust announced Monday.

Hersha, without disclosing its buyers, said it saw strong domestic and international demand for hotels in urban gateway markets in the U.S., and the REIT, spread out across both American coastlines, wants to opportunistically sell of its assets where it can and redeploy the cash to make other capital acquisitions or buy back shares....
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