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Hersha Hospitality to Sell Pan Pacific Seattle Hotel

Hersha Hospitality to Sell Pan Pacific Seattle Hotel

Luxury and lifestyle hotel owner Hersha Hospitality Trust has entered into definitive agreements to sell a pair of its West Coast properties for a total of $125 million. The properties involved include the Pan Pacific Seattle and the Hotel Milo Santa Barbara. The buyers were not disclosed.

“We’re pleased to have reached two separate agreements that are expected to increase our operational flexibility while furthering our long-term strategic objectives and delivering immediate shareholder value,” said Hersha’s CEO Jay H. Shah. “The valuation of the two assets is yet another confirmation of the public-to-private market valuation gap for our portfolio, and we believe pricing on these two assets is more representative of the remaining portfolio than prior dispositions.”

Hersha intends to use the proceeds from the sale to pay down approximately $45 million of debt, and expects to utilize the remainder for general corporate purposes.


Inside The Story

Hersha Hospitality (HHM)

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
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