Hersha Hospitality Trust Closes Manhattan 7-Hotel Joint-Venture with Cindat

Hersha Hospitality Trust (NYSE: HT) closed on its sale of seven Manhattan limited-service hotels to a joint venture between Hersha and Cindat Capital Management Ltd., in a transaction valued at $571.4 million. The transaction included senior and mezzanine financing in an aggregate amount of $335 million from Natixis Real Estate Capital LLC and Oaktree Capital Management, L.P.

Hunton & Williams LLP lawyers James S. Seevers, Jr. and James V. Davidson represented Hersha on the joint-venture. Rori H. Malech represented Hersha on the sale and financing, and Patrick E. Mitchell and Kendal A. Sibley advised on the tax aspects of the transaction.

"We have worked closely with Hersha on a number of transformative transactions over the last 17 years, and are privileged to be a part of the team to form this new partnership," said Seevers.

"The transaction allowed Hunton to bring several complementary practices to the table, including REIT, tax, joint-venture, financing, and real estate expertise," Malech added.