Hersha Hospitality Announces Pricing of Common Share Offering
Hersha Hospitality Trust (NYSE: HT) announced the pricing of its public offering of 45,000,000 common shares of beneficial interest, par value $0.01 per share, at a price of $3.00 per share.
Hersha has granted the underwriters of the offering a 30-day option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any. Gross proceeds from the offering will be approximately $135.0 million (or approximately $155.3 million if the underwriters exercise their option to purchase additional shares in full). The company intends to use the net proceeds of the offering to acquire a Hampton Inn and a Candlewood Suites located in Times Square, New York, to repay outstanding indebtedness under its revolving line of credit and for general corporate purposes.
BofA Merrill Lynch, Raymond James and UBS Investment Bank are the joint book-running managers for the offering. Baird is a lead manager for the offering. JMP Securities, Keefe, Bruyette & Woods, Oppenheimer & Co. and Stifel, Nicolaus & Company, Incorporated are the co-managers for the offering.
Logos, product and company names mentioned are the property of their respective owners.
- Mast Capital Acquires the Hotel Monticello of Georgetown
- Hersha Hospitality to Acquire Courtyard Miami Beach Oceanfront
- Hersha Hospitality Announces Third Quarter Results
- Hersha Hospitality Trust Announces Dividends
- Hersha Hospitality to Sell Portfolio of 18 Non-Core Properties
- Baird/STR Hotel Stock Index Up 13.0% in January
- Chesapeake Reports Strong Fourth Quarter Results
- Gaylord Entertainment Company Reports Fourth Quarter and Full Year 2011 Results
- Wynn Resorts, Limited Reports Fourth Quarter and Year End 2011 Results
- Chatham Lodging Trust Announces 2011 Distribution Characterization
