PHILADELPHIA--(BUSINESS WIRE)--Hersha Hospitality Trust (NYSE:HT) (“Hersha” or “the Company”), owner of upscale hotels in urban gateway markets, announced that the Company has completed the sale of the 127-room Holiday Inn Express, Camp Springs, Maryland for an aggregate sale price of $8.5 million. This property was acquired in June of 2008 and was un-encumbered of outstanding debt. Based upon the trailing twelve month net operating income as of June 30, 2013, the asset was sold for a capitalization rate of 4.9% and a 16.2x EBITDA multiple.
Mr. Jay H. Shah, Chief Executive Officer, stated, “With the completion of another asset sale, Hersha continues to selectively refine the Company’s geographic mix, while focusing resources on upscale, urban gateway market properties.”
About Hersha Hospitality Trust
Hersha Hospitality Trust (NYSE: HT) is a self-advised real estate investment trust, which owns interests in 64 hotels totaling 9,489 rooms, primarily along the Northeast Corridor from Boston to Washington DC. The Company also owns hotels in Southern California, Northern California, Arizona and Miami, Florida. Hersha focuses on high quality upscale hotels in high barrier to entry markets. More information on the Company and its portfolio of hotels is available on Hersha's Web site at www.hersha.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities Exchange Commission.