{"id":1004208114,"date":"2018-02-23T10:01:15","date_gmt":"2018-02-23T18:01:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208114"},"modified":"2022-12-08T00:38:05","modified_gmt":"2022-12-08T08:38:05","slug":"hersha-sells-2-suburban-hotels-in-md-ny","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hersha-sells-2-suburban-hotels-in-md-ny\/","title":{"rendered":"Hersha Sells 2 Suburban Hotels in MD, NY"},"content":{"rendered":"

By Beata Lorincz<\/p>\n

\"Hyatt<\/a>

Hyatt House in Gaithersburg, Md.<\/p><\/div>\n

Continuing its disposal of hospitality assets<\/a> that no longer serve its current interest, Hersha Hospitality Trust (Hersha) has sold two hotels in Maryland and New York. Hyatt House in Gaithersburg, Md. traded for $19 million, while the Holiday Inn Express in Chester, N.Y. changed hands for $8.4 million.<\/p>\n

Hyatt House is located on the northern outskirts of Washington, D.C., on a 5.5-acre parcel at 200 Skidmore Blvd. According to public records, Hersha purchased to property in 2007 for $21 million. The Holiday Inn Express is situated at 2 Bryle Place, north of downtown New York City and adjacent to Route 6. The asset previously sold for $9.2 million in 2007.<\/p>\n

\"Holiday<\/a>

Holiday Inn Express in Chester, N.Y.<\/p><\/div>\n

\u201cThe sale price represents a blended trailing twelve-month economic capitalization rate of 4.9 percent and a hotel EBITDA multiple of 16.8x. We re-deployed the proceeds of this sale in repurchases of our stock at a deep discount to private market value,\u201d<\/em> said Jay Shah, Hersha\u2019s chief executive officer, in prepared remarks.<\/p>\n

According to Shah, Hersha is currently focusing on the sale of its older suburban properties, aiming to purchase newer, higher growth hotels in younger markets and coastal locations.<\/p>\n

Images via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The hotels are located on the outskirts of New York City and Washington, D.C. Hyatt House in Gaithersburg, Md. and Holiday Inn Express in Chester, N.Y. traded for a total of $27.4 million.<\/p>\n","protected":false},"author":739,"featured_media":1004507872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,11,1600,21742,10,1615],"tags":[33052,33113,36894],"class_list":["post-1004208114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-midatlantic","category-new-york","category-latest","category-northeast","category-washington-dc","tag-hersha-hospitality-trust","tag-holiday-inn-express","tag-jay-shah"],"acf":[],"yoast_head":"\nHersha Sells 2 Suburban Hotels in MD, NY - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hersha-sells-2-suburban-hotels-in-md-ny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hersha Sells 2 Suburban Hotels in MD, NY\" \/>\n<meta property=\"og:description\" content=\"The hotels are located on the outskirts of New York City and Washington, D.C. 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