Hersha Hospitality Trust Prices Public Offering of 24M Shares at $5.60
Hersha Hospitality Trust (NYSE: HT) today announced the pricing of a public offering of 24,000,000 common shares of beneficial interest, par value $.01 per share, at a public offering price of $5.60 per share. Hersha has granted the underwriters of the offering a 30-day option to purchase up to an additional 3,600,000 common shares.
Gross proceeds from the offering will be approximately $134.4 million (or approximately $154.6 million if the underwriters exercise their option in full). Hersha intends to use the net proceeds of the offering to repay outstanding indebtedness under its revolving line of credit and for general corporate purposes, including the funding of future acquisitions.
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