Attached files
| file | filename |
|---|---|
| 8-K - HERSHA HOSPITALITY 8-K 1-14-2010 - HERSHA HOSPITALITY TRUST | form8k.htm |
| EX-5.1 - EXHIBIT 5.1 - HERSHA HOSPITALITY TRUST | ex5_1.htm |
| EX-1.1 - EXHIBIT 1.1 - HERSHA HOSPITALITY TRUST | ex1_1.htm |
Exhibit
99.1
 |
||
| HERSHA HOSPITALITY TRUST | ||
| 510 Walnut Street, 9th Floor | ||
| Philadelphia, PA 19016 | ||
| Phone: 215-238-1046 | ||
| Fax: 215-238-0157 |
For
Immediate Release
|
Contact:
|
Ashish
Parikh, CFO
|
|
Ph:
(215) 238-1046
|
Hersha
Hospitality Announces Closing of Common Share Offering
PHILADELPHIA,
PA—(BUSINESS WIRE)—January 21, 2010—Hersha Hospitality Trust (NYSE: HT), owner
of upscale, mid-scale and extended stay hotels in major metropolitan markets,
announced the closing of its previously announced public offering. At
the closing, Hersha sold a total of 51,750,000 common shares of beneficial
interest, par value $0.01 per share, including 6,750,000 common shares subject
to an overallotment option exercised by the underwriters, for gross proceeds of
approximately $155.3 million before deducting the underwriting discount and
offering expenses payable by Hersha. Hersha intends to use
approximately $110 million of the offering proceeds to acquire a Hampton
Inn and a Candlewood Suites located in Times Square, New
York. Any offering proceeds not used for these acquisitions will
be used by Hersha to repay outstanding indebtedness under its revolving line of
credit and for general corporate purposes.
BofA
Merrill Lynch, Raymond James and UBS Investment Bank acted as the joint
book-running managers for the offering. Baird acted as a lead manager
for the offering. JMP Securities, Keefe, Bruyette & Woods,
Oppenheimer & Co. and Stifel, Nicolaus & Company, Incorporated acted as
the co-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 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 (888) 827-7275.
About
Hersha Hospitality Trust
Hersha
Hospitality Trust is a self-advised real estate investment trust, which owns
interests in 74 hotels, totaling 9,392 rooms, primarily along the Northeast
Corridor from Boston to Washington D.C, as of December 31,
2009. 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.