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Hersha Jumps After Forming Joint Venture for 7 Manhattan Hotels

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Hersha Hospitality Trust surged the most in more than four years after the company said it sold stakes in seven Manhattan hotels, three of them in the tourist-heavy Times Square neighborhood, to a Chinese investment firm.

The hotels -- which operate under the Holiday Inn, Hampton Inn and Candlewood Suites brands -- have a total of 1,087 rooms. Cindat Capital Management Ltd. will pay $571.4 million for a 70 percent stake in the joint venture, Hersha said in a statement Thursday. The transaction is scheduled to close next month.