Aug. 18 (Bloomberg) -- An affiliate of Barry Sternlicht’s Starwood Capital Group LLC agreed to purchase 18 hotels in the eastern U.S. from Hersha Hospitality Trust for $155 million.
Hersha is selling the hotels, which include the Residence Inn and Hampton Inn brands, to reduce debt and to focus on major metropolitan markets, the Philadelphia-based real estate investment trust said today in a statement. The transaction is expected to be completed before the end of the year.
The company estimates net proceeds of $54 million from the sale. The hotels are in seven states, including Connecticut, Pennsylvania and New Jersey, according to a regulatory filing.
Sternlicht started Starwood Capital, an investment firm based in Greenwich, Connecticut, in 1991.
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