Attached files
| file | filename |
|---|---|
| 8-K - HERSHA HOSPITALITY 8-K 11-11-2009 - HERSHA HOSPITALITY TRUST | form8k.htm |
| EX-99.3 - EXHIBIT 99.3 - HERSHA HOSPITALITY TRUST | ex99_3.htm |
| EX-99.2 - EXHIBIT 99.2 - HERSHA HOSPITALITY TRUST | ex99_2.htm |
Exhibit
99.1
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HERSHA
HOSPITALITY TRUST
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510
Walnut Street, 9th
Floor
Philadelphia,
PA 19016
Phone:
215-238-1046
Fax:
215-238-0157
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For
Immediate Release
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Contact:
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Ashish
Parikh, CFO
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Ph:
(215) 238-1046
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Hersha
Hospitality Announces Public Offering of Common Shares
PHILADELPHIA,
PA—(BUSINESS WIRE)—January 11, 2010—Hersha Hospitality Trust (NYSE: HT), owner
of upscale, mid-scale and extended stay hotels in major metropolitan markets,
today announced the commencement of a public offering of 35,000,000 common
shares of beneficial interest, par value $0.01 per share. Hersha
intends to grant the underwriters of the offering a 30-day option to purchase up
to an additional 4,730,250 common shares to cover over-allotments, if
any. 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. Any excess proceeds will be used to repay outstanding
indebtedness under Hersha’s 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.
A
registration statement relating to these common shares has been filed with and
declared effective by the U.S. Securities and Exchange
Commission. This announcement shall not constitute an offer to sell
or a solicitation of an offer to buy Hersha’s common shares, nor shall there be
any sale of these common shares or a solicitation of an offer to buy these
common shares in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state. Offers for the common shares will be made only by means
of a prospectus supplement and accompanying prospectus forming part of the
registration statement. A prospectus supplement and accompanying
prospectus relating to these common shares, when available, may be obtained from
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn:
Preliminary Prospectus Department or email Prospectus.Requests@ml.com, from
Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL
33716 or by calling (800) 248-8863, or from UBS Securities LLC, Prospectus
Department, 299 Park Avenue, New York, NY 10171, (or by calling) 877-827-6444,
Ext. 5613884.
About
Hersha Hospitality Trust
Hersha
Hospitality Trust is a self-advised real estate investment trust, which owns
interests in 73 hotels, totaling 9,256 rooms, primarily along the Northeast
Corridor from Boston to Washington D.C. Hersha also owns hotels in Northern
California and Scottsdale, Arizona. Hersha focuses on upscale, mid-scale and
extended stay hotels in major metropolitan markets.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, and, as such, may involve
known and unknown risks, uncertainties and other factors that may cause the
actual results or performance to differ from those reflected in the
forward-looking statement. For a description of these factors, please
review the information under the heading “Risk Factors” included in Hersha
Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31,
2008, filed with the U.S. Securities Exchange Commission and the prospectus
supplement and accompanying prospectus relating to the
offering.