hersha hospitality trust
Hersha Hospitality Trust to Be Acquired by KSL Capital Partners
Hersha Hospitality Trust | August 28, 2023
PHILADELPHIA and DENVER, Aug. 28, 2023 — Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, and KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced a definitive merger agreement, entered into on August 27, 2023, under which affiliates of KSL will acquire all of the outstanding common shares of Hersha for $10.00 per share in an all-cash transaction valued at approximately $1.4 billion. The purchase price represents a premium of approximately 60% over Hersha’s closing share price on August...
Hersha Hospitality Trust to Sell Non-Core Urban Select Service Properties for $505 Million
Hersha Hospitality Trust | April 28, 2022
PHILADELPHIA, April 28, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced that it has entered into a definitive agreement to sell seven of its non-core Urban Select Service properties outside of New York (the “USS Portfolio”) for gross proceeds of $505 million, or approximately $360,000 per key. Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We’re pleased to have reached an agreement that supports our long-term strategic objectives and delivers immediate shareholder val...
Hersha Hospitality Trust Sells Courtyard San Diego for $64.5 Million
Hersha Hospitality Trust | January 5, 2021
PHILADELPHIA, Jan. 05, 2021-- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced it entered into a binding sales agreement on the 245-room Courtyard San Diego for $64.5 million resulting in a net book gain approximating $5.4 million. The Courtyard San Diego has no property-level debt and will result in net proceeds of $64.5 million which will be utilized to repay borrowings under the Company’s credit facilities. “After a highly competitive sales process, we are pleased to announce the sale of the Courtyard San Die...
The Annapolis Waterfront Hotel Reemerges From Multi-million Dollar Renovation and Brand Refresh
HHM | August 24, 2020
Annapolis, MD – August 24, 2020 – The Annapolis Waterfront Hotel, a member of Marriott International’s Autograph Collection, is stepping out with a reimagined guest experience inside and out following a comprehensive, multi-million dollar renovation. From the exterior to the 150 guest rooms to the extensive meetings and event spaces, paired with an overall brand refresh, the timeless charm of seaside hospitality both the hotel and destination are known for, shine brighter than ever. “The Annapolis Waterfront Hotel has always been an unmatched experience here in Annapolis,” said General Manager Matt Nelson. “The brand refres...
Hersha Hospitality Trust Announces First Quarter 2020 Results
Hersha Hospitality Trust | May 7, 2020
- Implements Aggressive Cost Containment Strategies - - Amends Bank Credit Facility to Access Additional $100 Million - - Obtains Full Financial Covenant Waiver through March 31, 2021 - PHILADELPHIA, May 07, 2020 -- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced results for the first quarter ended March 31, 2020. First Quarter 2020 Financial Results Net loss applicable to common shareholders was approximately ($29.1 million), or ($0.76) per diluted common share, in the first quart...
Hersha Hospitality Trust Acquires the Annapolis Waterfront Hotel an Autograph Collection Hotel, for $41.5 Million
Hersha Hospitality Trust | April 3, 2018
PHILADELPHIA, April 03, 2018 -- Hersha Hospitality Trust (NYSE:HT) ("Hersha" or the "Company"), owner of high quality hotels in urban gateway markets and coastal destinations, today announced the purchase of the 150-room Annapolis Waterfront Hotel, an Autograph Collection Hotel, for $41.5 million. "We are pleased to acquire the Annapolis Waterfront Hotel, expanding our Mid-Atlantic cluster, at an attractive economic capitalization rate of 8.7% and 10.4x EBITDA multiple. The location of the hotel in the pedestrian scale core of the city is irreplaceable. The Hotel is situated on the Harbor adjacent to the town square, the Annapolis Yacht...
Hersha Hospitality Trust Sells Hampton Inn Financial District for $32.4 Million
Hersha Hospitality Trust | March 14, 2018
PHILADELPHIA, March 14, 2018 -- Hersha Hospitality Trust (NYSE:HT), "Hersha" or the "Company"), owner of high quality hotels in urban gateway markets and coastal destinations, today announced the sale of the 81-room Hampton Inn Financial District for $32.4 million. "This transaction highlights Hersha's ability to successfully execute accretive dispositions and upgrade the portfolio with higher growth hotels in our core markets. While we remain bullish on the Manhattan lodging market, this was an opportunistic sale, representing a trailing twelve-month economic capitalization rate of 4.4% and a hotel EBITDA multiple of 19.8x. Our capital...
Hersha Hospitality Trust and SharCon Management Set to Open New Fairfield Inn & Suites by Marriott in Alexandria, Virginia
Fairfield Inn & Suites | September 19, 2017
Alexandria, VA – September 19, 2017 – The 116-room Fairfield Inn & Suites by Marriott in Alexandria, Virginia is scheduled to open this Thursday, September 21, 2017 with its smart, inventive public space and guest room design, and its bright and inviting décor. Located at 6421 Richmond Highway, the Fairfield Inn & Suites Alexandria will operate as a Marriott franchise, owned by 44 Alexandria Associates LLC and managed by SharCon Management Company. Located six miles from Ronald Reagan Washington National Airport and within minutes from Washington, DC, the Fairfield Inn & Suites Alexandria offers guests con...
