Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tuesday, April 16, 3:36 PM
Slide #289. Hersha Hospitality Trust — Preferred Stock Offering
| Company: |
Hersha Hospitality Trust (HT) |
| Date announced: |
11/1/2016 |
| Shares Offered: |
4,000,000 |
| Date of Pricing: |
11/1/2016 |
| Price Per Share: |
$25.00 |
| 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 in institutional grade hotels in primary urban gateway markets including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and California. Co.'s portfolio consists of wholly-owned limited and full service properties, hotel owned via a consolidated joint venture, and interests in properties owned through joint venture investments. These properties are located in California, Connecticut, District of Columbia, Florida, Maryland, Massachusetts, New York and Pennsylvania and operate under various brands owned by Marriott International, Inc., Hilton Worldwide, Inc., and Hyatt Corporation.
Preferreds: HT.PRA, HT.PRB, HT.PRC, HT.PRD, HT.PRE
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