Hersha Hospitality Announces Public Offering of Common Shares
March 18 2010 - 4:06PM
Business Wire
Hersha Hospitality Trust (NYSE: HT), owner of upscale, mid-scale
and extended stay hotels in major metropolitan markets, today
announced the commencement of a public offering of 19,000,000
common shares of beneficial interest, par value $0.01 per share.
Hersha intends to grant the underwriters of the offering a 30-day
option to purchase up to an additional 2,850,000 common shares to
cover over-allotments, if any. The Company intends to use the net
proceeds of the offering 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.
A registration statement relating to these common shares has
been filed with and declared effective by the U.S. Securities and
Exchange Commission. This announcement shall not constitute an
offer to sell or a solicitation of an offer to buy Hersha’s common
shares, nor shall there be any sale of these common shares or a
solicitation of an offer to buy these common shares 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 common shares 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 common shares, when
available, may be obtained from BofA Merrill Lynch, 4 World
Financial Center, New York, NY 10080, Attn: Preliminary Prospectus
Department or email Prospectus.Requests@ml.com, Raymond James
Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or
by calling (800) 248-8863 or from UBS Securities LLC, Prospectus
Department, 299 Park Avenue, New York, NY 10171 or by calling (888)
827-7275.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate
investment trust, which owns interests in 76 hotels, totaling 9,838
rooms, primarily along the Northeast Corridor from Boston to
Washington D.C. Hersha also owns hotels in Northern California and
Scottsdale, Arizona. Hersha focuses on upscale, mid-scale and
extended stay hotels in major metropolitan markets.
Forward-Looking Statements
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 Trust’s Annual Report on Form 10-K
for the year ended December 31, 2009, filed with the U.S.
Securities Exchange Commission and the prospectus supplement and
accompanying prospectus relating to the offering.
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