Hersha Hospitality Trust Announces Public Offering of Series B Preferred Shares (HT)

Hersha Hospitality Trust HT, owner of upscale, mid-scale and extended stay hotels in major metropolitan markets, today announced the commencement of a public offering of Series B cumulative redeemable preferred shares of beneficial interest, par value $.01 per share ($25.00 liquidation preference per share). Hersha intends to grant the underwriters of the offering a 30-day option to purchase additional Series B preferred shares to cover over-allotments, if any. 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 future acquisitions.