Hersha Hospitality Trust - Current report filing (8-K)
July 02 2008 - 4:43PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 26,
2008
HERSHA
HOSPITALITY TRUST
(Exact
name of registrant as specified in its charter)
Maryland
|
001-14765
|
251811499
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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44
Hersha Drive
Harrisburg,
Pennsylvania 17102
(Address
and zip code of
principal
executive offices)
Registrant's
telephone number, including area code:
(717) 236-4400
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
£
|
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
|
£
|
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
£
|
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
£
|
Pre-commencement communications
pursuant to Rule 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01.
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Entry
into a Material Definitive
Agreement.
|
On June
26, 2008, Hersha Hospitality Limited Partnership ("HHLP"), the operating
partnership subsidiary of Hersha Hospitality Trust ("HT"), entered into a
contribution agreement (the "Contribution Agreement") with Akshar Limited
Liability Company (the "LLC") and closed on the acquisition of all of the land,
hotel and improvements associated with the Holiday Inn Express (the "Hotel")
located at 5001 Mercedes Boulevard, Camp Springs, Maryland.
The
aggregate purchase price for the Hotel, including closing costs and seller
reimbursements, was approximately $14.0 million, which included approximately
$9.3 million in cash and the issuance of 540,337 units of limited partnership
interest of HHLP ("OP Units") valued at $8.61 per unit.
Of these
OP Units, 178,312 were issued in varying amounts to the following executive
officers and trustees of HT who had direct or indirect interests in the
LLC: Kiran P. Patel, a member of our Board of Trustees; Jay H. Shah,
a member of our Board of Trustees and our Chief Executive Officer; Neil H. Shah,
our President and Chief Operating Officer; and David L. Desfor, our Treasurer
and Secretary.
As a
related party transaction, the transaction was approved by all of HT's
independent trustees. Hersha Hospitality Management L.P. ("HHMLP"),
Hersha's affiliated hotel management company, will continue to manage the
Hotel.
The
preceding description of the material terms of the Contribution Agreement is
qualified in its entirety by reference to the terms of the Contribution
Agreement, which is attached hereto as Exhibit 10.1 and incorporated by
reference herein.
Item
9.01
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Financial
Statements and Exhibits.
|
|
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Contribution
Agreement, dated as of June 26, 2008, by and among Akshar Limited
Liability Company and Hersha Hospitality Limited
Partnership.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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HERSHA
HOSPITALITY TRUST
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|
|
|
|
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Date: July
2, 2008
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By:
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/s/Ashish R. Parikh
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|
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Ashish
R. Parikh
|
|
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Chief
Financial Officer
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3
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