Hersha Hospitality Trust (NYSE:HT) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET

Company Participants

Andrew Tamaccio - Investor Relations

Neil Shah - President & Chief Operating Officer

Ashish Parikh - Chief Financial Officer

Conference Call Participants

Dori Kesten - Wells Fargo

Tyler Batory - Janney Montgomery Scott

David Katz - Jefferies

Michael Bellisario - Baird

Bill Crow - Raymond James

Aryeh Klein - BMO Capital Markets

Chris Woronka - Deutsche Bank

Anthony Powell - Barclays

Operator

Hello, every one, and thank you for joining the Hersha Hospitality Trust First Quarter 2022 Earnings Conference Call. My name is Darius and I will be moderating your call today. [Operator Instructions.] I now have the pleasure of handing you over to Andrew Tamaccio, please go ahead, Andrew.

Andrew Tamaccio

Thank you, Darius, and good morning, everyone joining us today. Welcome to the Hersha Hospitality Trust First Quarter 2022 Conference Call. Today's call will be based on the first quarter 2022 earnings release, which was distributed yesterday evening as well as this morning's announcement of our definitive agreement to sell our urban select service portfolio.

Before proceeding, I'd like to remind everyone 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 releases as well as within the company's filings with the SEC.

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

Neil Shah

Thank you, Andrew, and good morning, everyone. Joining me this morning are Jay Shah, our Chief Executive Officer and Ashish Parikh, our Chief Financial Officer. And thank you to all of you for joining today's call. We are excited to share that we have signed a definitive agreement to sell seven of our noncore urban select service properties outside of New York for gross proceeds of $505 million or approximately $360,000 per key. By divesting our noncore urban select service portfolio, we are sharpening our focus on luxury and lifestyle portfolio, where we have been generating excellent operational and financial results as demonstrated in our first quarter financial results announced today and where we see great opportunity for growth. Additionally, we are retaining our exposure to New York, which we believe is at the beginning of a very strong recovery and see tremendous unlocked value and upside in those assets.