Hersha Hospitality Trust — Preferred Stock Offering
Company: Hersha Hospitality Trust
Date announced: 11/1/2016
Shares Offered: 4,000,000
Date of Pricing: 11/1/2016
Price Per Share: $25.00
Preferred Stock Offering Details: Hersha Hospitality Trust, a Maryland real estate investment trust ("Hersha"), today announced that it has priced a public offering of 4,000,000 shares of its 6.50% Series E cumulative redeemable preferred shares of beneficial interest, par value $.01 per share ($25.00 liquidation preference per share), for gross proceeds of $100,000,000. Hersha has granted the underwriters of the offering a 30-day option to purchase 600,000 additional Series E preferred shares. The offering is expected to close on November 7, 2016, subject to customary closing conditions. Hersha intends to use the net proceeds of the offering for general corporate purposes, including future acquisitions.
Hersha Hospitality Trust is a real estate investment trust. Co. invests primarily in institutional grade hotels in key urban gateway markets including New York, Washington DC, Boston, Philadelphia, South Florida and select markets on the West Coast. As of Dec 31 2015, Co.'s portfolio consisted of 49 wholly owned limited and full service properties with a total of 7,225 rooms and interests in five limited and full service properties owned through joint venture investments with a total of 1,369 rooms. Co.'s properties operate under the Marriott International, Inc., Hilton Worldwide, Inc., InterContinental Hotels Group, Hyatt Corporation, or Starwood Hotels and Resorts Worldwide, Inc. brands.
