Roger Bradshaw
- Hersha Hospitality Trust (NYSE:HT) has agreed to sell two of its West Coast properties for $125M.
- These transactions are subject to customary closing conditions and are expected to close in the fourth quarter of 2022. The price implies a blended 2.9% cap rate and 27.0x EBITDA multiple on 2019 results and a $455K per key valuation
- The hospitality-focused REIT will use the proceeds from the sale to pay down ~$45M of debt. Any remaining proceeds will be used for general corporate purposes including, but not limited to, additional debt repayment and dividend payments.