Hotel 373 — Hersha disposition
Hotel 373 · 70 keys · Independent / boutique
Consideration
$37.0M
$529k / key
Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.
Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)
Hersha sold the 70-room Hotel 373 in midtown Manhattan on April 30, 2014 for $37.0 million. Harbor PPK is $37.0 million ÷ 70. Hersha rounded the same math to $529,000 per key. The same Exhibit 99.1 names the completed sale, the 70 rooms, and that hotel price. The paper names an offshore investment group, not a Harbor party — Harbor will not invent a desk. Filing names midtown Manhattan — Harbor will not invent a Times Square or Financial District lock. Hersha’s 5.2% economic capitalization rate and 17.3x Hotel EBITDA lines are Hersha’s narrative, not a second hotel price. Holiday Inn Express Chester stays off until a filing names a calendar month, a hotel price, and keys together. Hyatt Place King of Prussia stays off until one paper names month, a hotel price, and keys together. Hersha’s November 2016 Residence Inn Framingham plus Residence Inn Norwood $47.0 million line stays combined. Hersha’s January 2017 Courtyard Alexandria plus Residence Inn Greenbelt $62.0 million line stays combined. Hersha’s 2021 four-hotel $178.5 million line and August 2022 six-pack $435.9 million stay combined. Not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape and not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape. Older than the 2025–26 blotter cut.