Hersha Hospitality Announces Pricing of Common Share Offering
JANUARY 18, 2010 - Hersha Hospitality Trust (NYSE: HT) announced the pricing of its public offering of 45,000,000 common shares of beneficial interest, par value $0.01 per share, at a price of $3.00 per share.
Hersha has granted the underwriters of the offering a 30-day option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any. Gross proceeds from the offering will be approximately $135.0 million (or approximately $155.3 million if the underwriters exercise their option to purchase additional shares in full). 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.
BofA Merrill Lynch, Raymond James and UBS Investment Bank are the joint book-running managers for the offering. Baird is a lead manager for the offering. JMP Securities, Keefe, Bruyette & Woods, Oppenheimer & Co. and Stifel, Nicolaus & Company, Incorporated are the co-managers for the offering.
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