{"id":1004210363,"date":"2018-03-16T09:49:22","date_gmt":"2018-03-16T17:49:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004210363"},"modified":"2022-12-08T13:01:38","modified_gmt":"2022-12-08T21:01:38","slug":"hersha-sells-manhattan-hotel-for-32m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hersha-sells-manhattan-hotel-for-32m\/","title":{"rendered":"Hersha Sells Manhattan Hotel for $32M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004210364\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004210364\" data-attachment-id=\"1004210364\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hersha-sells-manhattan-hotel-for-32m\/hampton-inn-financial-district-32-pearl-st-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;IvyLee Rosario&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1521107463&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=\"Hampton Inn Financial District, 32 Pearl St., Manhattan\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hampton Inn Financial District, 32 Pearl St., Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg?w=800\" class=\"wp-image-1004210364 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg\" alt=\"Hampton Inn Financial District, 32 Pearl St., Manhattan\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hampton-Inn-Financial-District-32-Pearl-St.-Manhattan.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004210364\" class=\"wp-caption-text\">Hampton Inn Financial District, 32 Pearl St., Manhattan<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/hersha-sells-2-suburban-hotels-in-md-ny\/\">Hersha Hospitality Trust<\/a> has sold its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Solid Rock Advisors advised Hersha on the sale.\u00a0<\/p>\n<p><em>&#8220;This transaction highlights Hersha\u2019s ability to successfully execute accretive dispositions and upgrade the portfolio with higher growth hotels in our core markets,&#8221;<\/em>\u00a0said Jay Shah, CEO of Hersha, in prepared remarks.\u00a0<\/p>\n<p>Located at 32 Pearl St., the 81-key hotel features a business center, a lounge, a snack shop, a fitness center, Wi-Fi and complimentary breakfast. The property is within close proximity to Wall Street, Battery Park, the 9\/11 Memorial Museum, the Statue of Liberty and Ellis Island. La Guardia Airport is a 30-minute drive and John F. Kennedy International Airport is 45 minutes away. The hotel also offers easy access to the Brooklyn Bridge, Staten Island Ferry and the subway.\u00a0<\/p>\n<p>According to Shah, the sale represented a trailing 12-month economic capitalization rate of 4.4 percent and a hotel EBITDA multiple of 19.8x. Hersha&#8217;s capital recycling program over the past two years has led to the disposition of 19 hotels for $900 million, at an average economic capitalization rate of 5.9 percent and a EBITDA multiple of 15.1x.\u00a0<\/p>\n<p><em>&#8220;Proceeds from this sale were utilized to fund our share repurchase program and pay down our term loans by $18 million,\u201d<\/em> added Shah,\u00a0in a prepared statement.\u00a0<\/p>\n<p><em>Image courtesy of Google Street View\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm traded the 81-key Hampton Inn Financial District as part of its capital recycling program. Solid Rock Advisors advised Hersha on the sale. <\/p>\n","protected":false},"author":746,"featured_media":1004210364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,1600,21742,10],"tags":[33212,33052,36894],"class_list":["post-1004210363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-new-york","category-latest","category-northeast","tag-hampton-inn-suites","tag-hersha-hospitality-trust","tag-jay-shah"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hersha Sells Manhattan Hotel for $32M - 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-manhattan-hotel-for-32m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hersha Sells Manhattan Hotel for $32M\" \/>\n<meta property=\"og:description\" content=\"The firm traded the 81-key Hampton Inn Financial District as part of its capital recycling program. 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