Deal Details
Follow-On Offering
Summary
Baird served as a lead manager in this offering.
About
Hersha Hospitality Trust (“Hersha” or “the Company”) (NYSE: HT) recently completed a follow-on offering of 51,750,000 shares of its common stock at $3.00 per share, generating gross proceeds of approximately $155.3 million. The Company intends to use the net proceeds of the offering to acquire a Hampton Inn and a Candlewood Suites located in Times Square, New York, to repay outstanding indebtedness under its revolving line of credit and for general corporate purposes.Hersha is a self-advised real estate investment trust, which owns interests in 74 hotels, totaling 9,392 rooms, primarily along the Northeast Corridor from Boston to Washington, D.C., as of December 31, 2009. The Company also owns hotels in Northern California and Scottsdale, Arizona. Hersha focuses on upscale, mid-scale and extended stay hotels in major metropolitan markets.
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- Date
- January 2010
- Company
- Hersha Hospitality Trust
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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