In the News
May 13, 2008
Hersha Hospitality Trust prices common stock offering
Hersha Hospitality Trust said May 13 that it priced a public offering of 6 million of its common shares of beneficial interest, par value 1 cent per share, at $9.90 per share.
The company also granted the underwriters of the offering a 30-day option to purchase up to an additional 900,000 common shares to cover any overallotments.
The net proceeds of the offering, after deducting underwriting discounts and commissions, will be approximately $56.4 million. The company expects to use net proceeds to repay outstanding indebtedness under its revolving credit line.
UBS Investment Bank and Raymond James & Associates Inc. are the joint book-running managers for the offering. Deutsche Bank Securities Inc. and Wachovia Capital Markets LLC are co-lead managers. Robert W. Baird & Co. Inc., JMP Securities LLC and Stifel Nicolaus & Co. Inc. will be the co-managers for the offering.
