An affiliate of Starwood Capital Group has signed an agreement to buy a portfolio of 18 hotel properties from Hersha Hospitality Trust. The portfolio will be sold for $155 million, including the assumption of outstanding mortgage debt.
The company expects to use the net proceeds from the sales for further debt reduction and for general corporate purposes. The deal is likely to close by the end of the fourth quarter of 2011.
Click here for the release from Business Wire.