Matt-
Welcome to the forum! What does your diet look like? This is really the first place to start. If you're eating too much, and especially if you're not eating clean, HST isn't going to help you much. Also, if you want to cut, it's probably a given that you'll need to introduce some cardio into your routine. There are two ways to approach cardio if you want to spare as much muscle as possible- HIIT, which may provide optimal muscle sparing, or low-intensity, which may result in a loss of some muscle mass, but probably not as much as prolonged vigorous exercise.
I've found, at least for myself (and my German genes), that HST combined with low- to moderate-intensity cardio on off days, and HIIT on lift days keeps the fat at bay. And, I'm still growing, so this routine ain't hurting me there. However, you have to take into account that your caloric needs decrease as you age. Some of the young bucks in here can eat upwards of 3500cals/day, but if *I* did that, I'd look like Humpty-Dumpty in no time. For me, at 55 years old, 6 feet, 190 pounds at 14% BF, 1800-2000cals/day is perfect even with all the cardio I do. And even at that intake, I still gain LBM, modestly, but that's OK with me.
In short, it depends on your goals, but if you're looking to cut, you'll need to eat less, incorporate cardio, and be patient. Keep your loss to no more than one pound/week (lest you start to lose LBM). After you've come down in weight to where you want to be, then you can start working on carefully bulking (realizing, of course, that you'll inevitably gain a little fat during the process, which you'll cut on the next cycle).
It might help if you post your diet- we can give you feedback on that. In the meantime, good luck- it can happen! About 6 years ago, I went through the same thing you are now- I went from 225 to 170 (not worrying too much about LBM loss at that point- the priority was getting to a healthy BF), and then I spent about two years adding 20lbs LBM. It's all in the priorities, man!
Jake