Hersha Hospitality Trust, a Philadelphia-based real estate investment trust, has announced the pricing of a public offering of 6.52 million shares of common stock at $9 per share.The hotel REIT said the estimated net proceeds of $55.2 million are expected to be used to repay debt, fund acquisitions and development loans, and for general corporate purposes. UBS Investment Bank and Merrill Lynch & Co. are the joint book-running managers of the offering. The company said it has granted the underwriters an option to buy up to 978,000 additional shares to cover any overallotments. Hersha can be found on the Web at http://www.hersha.com.
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