PHILADELPHIA – Stradley Ronon Stevens & Young represented Hersha Hospitality Trust (NYSE: HT) in its sale of 16 non-core portfolio hotels to Blackstone Real Estate Advisors, LP, a subsidiary of Blackstone Group LP, for approximately $217 million.
The sale, which is expected to close by the end of the first quarter of 2014, marks Hersha’s exit from the suburban Philadelphia and Long Island markets and helps the company focus more on high-demand urban gateway markets. The company will use the proceeds from the sale to reduce debt and invest in high-growth opportunities in Miami and on the West Coast. With the sale, Hersha now owns 48 hotels in the U.S.
Stradley Ronon Chairman William R. Sasso
and Real Estate Practice Group Chair Jonathan M. Grosser
led the transaction team. The firm’s real estate practice, which is ranked as a leader in Pennsylvania by Chambers USA, covers virtually all aspects of real estate law, including real estate financing, land use and zoning, condominiums and planned communities, and real estate investment trusts.
About Stradley Ronon Stevens & Young – www.stradley.com
Counseling clients since 1926, Stradley Ronon has helped private and public companies – from small businesses to Fortune 500 corporations – achieve their goals. With seven offices and more than 200 attorneys located throughout the mid-Atlantic region, Stradley Ronon is the only eastern Pennsylvania member of Meritas, the world’s largest affiliation of independent commercial law firms.