Deal Details
Preferred Offering
Summary
Baird served as a lead manager on this offering
About
Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”) recently completed an offering of 3,000,000 shares of its 6.875% series C cumulative redeemable preferred stock at a price of $25.00 per share, generating gross proceeds of $75.0 million. The Company intends to use the net proceeds from this offering to redeem all of its outstanding 8.00% series A cumulative redeemable preferred shares, with the remainder used for general corporate purposes.Hersha is a self-advised real estate investment trust that owns 63 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,129 rooms. The Company follows a highly selective investment approach and has been successful in using its asset management practices to drive an operational advantage. Hersha is headquartered in Philadelphia, Pennsylvania.
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- Date
- February 2013
- Company
- Hersha Hospitality Trust
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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