Hersha Hospitality Trust (NYSE:HT) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET

Company Participants

Andrew Tamaccio - Director, Investor Relations

Neil Shah - President and Chief Operating Officer

Jay Shah - Chief Executive Officer

Ashish Parikh - Chief Financial Officer

Conference Call Participants

Tyler Batory - Oppenheimer

Dori Kesten - Wells Fargo

Michael Bellisario - Baird

Eric Field - Jefferies

Anthony Powell - Barclays

Bill Crow - Raymond James

Operator

Hello and welcome to the Hersha Hospitality Trust’s Second Quarter 2022 Earnings Conference Call and Webcast. My name is Harry and I will be coordinating your call today. [Operator Instructions] I would now like to hand you over to your first speaker, Andrew Tamaccio, Director of Investor Relations, to begin. Andrew, please go ahead.

Andrew Tamaccio

Thank you, Harry and good morning to everyone joining us today. Welcome to the Hersha Hospitality Trust second quarter 2022 conference call. Today’s call will be based on the second quarter 2022 earnings release, which was distributed yesterday afternoon.

Before proceeding, I’d like to remind everybody that today’s conference call may contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause the company’s actual results, performance or financial positions to be considerably different from any future results, performance or financial positions. These factors are detailed within the company’s press release as well as within the company’s filings with the SEC.

With that, it’s now my pleasure to turn the call over to Mr. Neil H. Shah, Hersha Hospitality Trust’s President and Chief Operating Officer. Neil, you may begin.

Neil Shah

Thank you, Andrew, and good morning to everyone. Joining me this morning are Jay H. Shah, our Chief Executive Officer; and Ashish Parikh, our Chief Financial Officer.

When we last spoke in late April, we were excited to share that we had entered into a definitive agreement to sell 7 of our Urban Select Service properties outside of New York for gross proceeds of $505 million. The closing of this transaction is anticipated to be completed in two tranches with the sale of 6 assets to be completed imminently, while one hotel will close later due to the timing of the CMBS loan assumption process for the asset. With the divestiture of our select service properties complete, we are sharpening our focus on our portfolio of luxury and lifestyle hotels, which have continued to achieve historic pricing power and have generated excellent operational and financial results as our second quarter financial results show.