Hersha Hospitality Announces Public Offering of Common Shares
October 18 2010 - 4:03PM
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 21,000,000
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 3,150,000 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.
The joint book running managers for the offering are BofA
Merrill Lynch, Morgan Stanley, Barclays Capital, Deutsche Bank
Securities and Goldman, Sachs & Co. Raymond James and UBS
Investment Bank are acting as co-lead 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: Prospectus Department
or email dg.prospectus_requests@baml.com; Morgan Stanley & Co.
Incorporated, 180 Varick Street, 2nd Floor, New York, NY 10014,
Attn: Prospectus Department or email prospectus@morganstanley.com;
Barclays Capital Inc. c/o Broadridge Financial Solutions, Attn:
Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717
or email Barclaysprospectus@broadridge.com; Deutsche Bank
Securities, 100 Plaza One, Jersey City, NJ 07311, Attn: Prospectus
Department or email prospectus.cpdg@db.com; or Goldman, Sachs &
Co., 200 West Street, New York, NY 10282, Attn: Prospectus
Department or email prospectus-ny@ny.email.gs.com.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate
investment trust, which owns interests in 76 hotels, totaling
10,071 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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