Hersha sells Hotel 373 in Manhattan for $37 million

US: Hersha Hospitality Trust (HHT) is selling Hotel 373, a 70-room boutique hotel in Midtown Manhattan, to an offshore investment fund for $37 million.

Jay Shah, chief executive of Hersha, said: “The pricing on the sale of Hotel 373 is indicative of Manhattan’s highly sought after real estate market, and underscores the quality and value of Hersha’s New York City hotel portfolio.”

The transaction values the hotel, at 373 Fifth Avenue, at $529,000 per key and $1,680 per square foot. The sale is expected to close during Q2 2014.

HHT, a real estate investment trust (REIT) owns nearly 8,000 hotel rooms across 50 hotels in major US markets, including New York, Boston, Philadelphia, Washington DC, Miami and San Francisco.

www.hersha.com

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