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Two Long Island hotels sold
Two Long Island mid-price hotels have switched hands as part of a package deal between Hersha Hospitality Trust and an affiliate of Blackstone Real Estate Advisors.
Philadelphia-based Hersha, a real estate investment trust, said Tuesday it had sold a portfolio of 16 hotels -- including the Hampton Inn in Farmingville and the Holiday Inn Express in Hauppauge -- to Blackstone for $217 million. With the sale, Hersha will also exit the Long Island market.
The sale was part of Hersha's plan to refocus their hotel holdings on urban areas. The firm's chief financial officer Ashish Parikh said in an email that "the assets were sold to a single purpose entity that is owned and controlled by Blackstone."
The Hampton Inn in Farmingville, which has 161 rooms, and the 133-room Holiday Inn Express were the only New York hotels in the transaction.
This is the second hotel sale on Long Island sale in recent months. In early August, the Sheraton hotel in Hauppauge was sold to a Chinese investment firm and converted to an independent brand -- the UPSKY Long Island Hotel.