Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, August 14, 7:56 PM
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Slide #251. Hersha Hospitality Trust — Preferred Stock Offering
Hersha Hospitality Trust (NYSE:HT)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Hersha Hospitality Trust, a Maryland real estate investment trust ("Hersha"), today announced that it has priced a public offering of 4,000,000 shares of its 6.50% Series E cumulative redeemable preferred shares of beneficial interest, par value $.01 per share ($25.00 liquidation preference per share), for gross proceeds of $100,000,000. Hersha has granted the underwriters of the offering a 30-day option to purchase 600,000 additional Series E preferred shares. The offering is expected to close on November 7, 2016, subject to customary closing conditions. Hersha intends to use the net proceeds of the offering for general corporate purposes, including future acquisitions.
Hersha Hospitality Trust is a real estate investment trust. Co. invests primarily in institutional grade hotels in primary urban gateway markets including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and select markets on the West Coast. Co. owns its hotels and its investments in joint ventures through its operating partnership, Hersha Hospitality Limited Partnership, for which Co. serves as the sole general partner. The majority of Co.'s wholly-owned hotels are managed by Hersha Hospitality Management, L.P., a management company owned by other unaffiliated third party investors and in which certain of its trustees have a minority investment.
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Buy (2.78 out of 4)
(ranked lower than approx. 84% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com