{"id":1004136581,"date":"2016-02-08T06:03:29","date_gmt":"2016-02-08T14:03:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004136581"},"modified":"2025-02-24T23:54:08","modified_gmt":"2025-02-25T07:54:08","slug":"hersha-cindat-571m-hotel-deal-to-be-offset-thru-1031-exchanges","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hersha-cindat-571m-hotel-deal-to-be-offset-thru-1031-exchanges\/","title":{"rendered":"Hersha-Cindat $571M Hotel Deal to Involve 1031 Exchanges"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004136587\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004136587\" data-attachment-id=\"1004136587\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hersha-cindat-571m-hotel-deal-to-be-offset-thru-1031-exchanges\/hersha_timesq_exteriorpm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg\" data-orig-size=\"800,608\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1251145516&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hersha_TimeSQ_ExteriorPM\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Three of the seven Manhattan hotels sold in the deal: Holiday Inn Express Times Square, Candlewood Suites Times Square and Hampton Inn Times Square&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg?w=800\" class=\"size-medium wp-image-1004136587\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg\" alt=\"Three of the seven Manhattan hotels sold in the deal: Holiday Inn Express Times Square, Candlewood Suites Times Square and Hampton Inn Times Square\" width=\"300\" height=\"228\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg?resize=300,228 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Hersha_TimeSQ_ExteriorPM.jpg?resize=768,584 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004136587\" class=\"wp-caption-text\">Three of the seven Manhattan hotels sold in the deal: Holiday Inn Express Times Square, Candlewood Suites Times Square and Hampton Inn Times Square<\/p><\/div>\n<p><a href=\"https:\/\/www.hersha.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Hersha Hospitality Trust<\/a> announced late last week that it will be selling seven limited-service hotels in Manhattan to a joint venture between itself and Chinese firm Cindat Capital Management Ltd. for $571.4 million. The properties total 1,087 rooms, valuing the transaction at about $526,000 per key.<\/p>\n<p>As currently proposed, the JV will be structured with Cindat as the preferred partner holding a 70 percent ownership stake, while Hersha retains a 30 percent equity interest. The transaction is scheduled to close by the end of March.<\/p>\n<p>The seven properties in the transaction are:<\/p>\n<ul>\n<li>Holiday Inn Express Times Square, 210 rooms<\/li>\n<li>Candlewood Suites Times Square, 188 rooms<\/li>\n<li>Hampton Inn Times Square, 184 rooms<\/li>\n<li>Hampton Inn Chelsea, 144 rooms<\/li>\n<li>Hampton Inn Herald Square, 136 rooms<\/li>\n<li>Holiday Inn Wall Street, 113 rooms<\/li>\n<li>Holiday Inn Express Wall Street, 112 rooms<\/li>\n<\/ul>\n<p>Hersha reportedly expects to realize about $300 million in net proceeds from the transaction, with taxable gains of $170 million to $180 million, so it intends to acquire assets as part of a like-kind exchange under <a href=\"https:\/\/www.irs.gov\/uac\/Like-Kind-Exchanges-Under-IRC-Code-Section-1031\" target=\"_blank\" rel=\"noopener\">Internal Revenue Code Section 1031<\/a>. So far, the REIT says, it has accounted for a \u201csignificant portion\u201d of the 1031 exchange through the purchase of The Sanctuary Beach Resort on Monterey Bay, the Ritz-Carlton Georgetown and the Hilton Garden Inn M Street, the latter two both in Washington, D.C.<\/p>\n<p>The REIT closed on the 86-room Ritz-Carlton Georgetown in late December, and <a href=\"https:\/\/www.westbrookpartners.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Westbrook Partners<\/a> was the seller, a Hersha spokesperson told CPE. The sale price was $50.0 million.<\/p>\n<p>The acquisition of the Sanctuary Beach Resort, from a private owner, closed in late January.<\/p>\n<p>And Hersha reportedly expects to close before the end of the first quarter on the Hilton Garden Inn M Street, which is being purchased from <a href=\"https:\/\/starwoodcapital.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Starwood Capital<\/a> and <a href=\"https:\/\/www.otodevelopment.com\/\" rel=\"nofollow noopener\" target=\"_blank\">OTO Development<\/a>, according to a Hersha spokesperson. The 238-room property will go for $106.5 million.<\/p>\n<p>The announcement also referenced <a href=\"https:\/\/www.commercialsearch.com\/news\/hersha-hospitality-snaps-up-third-hotel-in-dcs-cbd-2\/\" target=\"_blank\" rel=\"noopener\">Hersha\u2019s purchase last June of the St. Gregory Hotel &amp; Suites<\/a>, a 155-key property in the DuPont Circle neighborhood, only a block from the Hilton Garden Inn M Street. The purchase of the Hilton Garden Inn M Street will bring to five the number of Hersha\u2019s hotels in Washington, D.C.<\/p>\n<p>\u201cOn a pro forma basis, the sale reduces Hersha\u2019s EBITDA exposure in New York City from approximately 43.0 percent in 2015 to 25.0 percent of consolidated EBITDA in 2016,\u201d Hersha President &amp; CEO Neil H. Shah said in a prepared statement. Beyond the hotel investments in Washington, D.C., and California, he added, the company will use the sale proceeds to continue its share-repurchase program and repay debt.<\/p>\n<p><a href=\"https:\/\/www.cushmanwakefield.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Cushman &amp; Wakefield<\/a> advised Hersha on the sale of the Manhattan properties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hersha&#8217;s sale of seven Manhattan hotels, totaling almost 1,100 rooms, to the Chinese firm is a strategic move for the hospitality company.<\/p>\n","protected":false},"author":882,"featured_media":1004136587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21751,21783,1600,21742,10,1615],"tags":[],"class_list":["post-1004136581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-hotel","category-investment","category-new-york","category-latest","category-northeast","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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