Hersha Hospitality Trust Announces Public Offering of Common Shares
PHILADELPHIA--(BUSINESS WIRE)-- Hersha Hospitality Trust (HT), owner of upscale hotels in urban gateway markets, today announced the commencement of a public offering of 22,000,000 common shares of beneficial interest, par value $.01 per share. Hersha intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 3,300,000 common shares. Hersha intends to use the net proceeds of the offering to repay outstanding indebtedness under its revolving line of credit and for general corporate purposes, including the funding of future acquisitions.
The joint book-running managers for the offering are BofA Merrill Lynch, Goldman, Sachs & Co., Raymond James and UBS Investment Bank.
A registration statement relating to these common shares has been filed with the U.S. Securities and Exchange Commission and is effective. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy Hershas securities, nor shall there be any sale of these securities or a solicitation of an offer to buy these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Offers for the securities will be made only by means of a prospectus supplement and accompanying prospectus forming part of the registration statement. A prospectus supplement and accompanying prospectus relating to these securities, when available, may be obtained from: BofA Merrill Lynch, Attn: Prospectus Department, 4 World Financial Center, New York, NY 10080 or email email@example.com; Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email firstname.lastname@example.org; Raymond James, Attn: Prospectus Department, 880 Carillon Parkway, St. Petersburg, FL 33716 or email email@example.com or UBS Investment Bank, Attn: Prospectus Department, 299 Park Avenue, New York, New York 10171, telephone: 1-888-827-7275.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust, which owns 67 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,598 rooms. HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading Risk Factors included in Hersha Hospitality Trusts Annual Report on Form 10-K for the year ended December 31, 2011, filed with the U.S. Securities Exchange Commission and the prospectus supplement and accompanying prospectus relating to the offering.
Hersha Hospitality Trust
Ashish Parikh, 215-238-1046
Chief Financial Officer
Source: Hersha Hospitality TrustCopyright Business Wire 2012