Hersha Hospitality Announces Closing of Common Share Offering
March 24 2010 - 4:01PM
Business Wire
Hersha Hospitality Trust (NYSE: HT), owner of upscale, mid-scale
and extended stay hotels in major metropolitan markets, announced
the closing of its previously announced public offering. At the
closing, Hersha sold a total of 27,600,000 common shares of
beneficial interest, par value $0.01 per share, including 3,600,000
common shares sold pursuant to an overallotment option exercised by
the underwriters, for gross proceeds of $117.3 million before
deducting the underwriting discount and offering expenses payable
by Hersha. Hersha intends to use the 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 acted
as the joint book-running managers for the offering. Baird acted as
a lead manager for the offering. Barclays Capital, CITADEL
Securities, FBR Capital Markets, JMP Securities, Keefe, Bruyette
& Woods, Oppenheimer & Co. and Stifel, Nicolaus &
Company, Incorporated acted as co-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. 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, from 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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