Baird served as a lead manager on this offering
AboutHersha 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.
For additional information about this transaction, please contact:
- February 2013
- Hersha Hospitality Trust
- Real Estate
- Target Location
- North America