An unknown buyer entered into definitive agreement to acquire Pan Pacific Seattle from Hersha Hospitality Trust (NYSE:HT).

An unknown buyer entered into definitive agreement to acquire Pan Pacific Seattle from Hersha Hospitality Trust (NYSE:HT) for $70 million on September 12, 2022. In a related transaction, Hersha Hospitality Trust entered into definitive agreement to sell Hotel Milo Santa Barbara. Hersha agreed to sale both Hotel Milo Santa Barbara and Pan Pacific for combine gross proceeds of $125 million, or approximately $455,000 per key.

Hersha intends to use the proceeds from the sale to pay down approximately $45 million of debt and expects to utilize the remainder for general corporate purposes including, but not limited to, additional debt repayment and dividend payments. These transactions are subject to customary closing conditions and are expected to close in the fourth quarter of 2022.