Hersha Hospitality Trust, a Philadelphia-based real estate investment trust, has announced the pricing of a public offering of 7.2 million shares of common stock at $11.20 per share.The hotel REIT said the estimated net proceeds of $76.6 million are expected to be used to repay debt, to fund acquisitions and development loans, and for other corporate purposes. UBS Investment Bank and Wachovia Securities are the joint book-running managers of the offering. The company said it has granted the underwriters an option to buy up to 1.08 million additional shares to cover any overallotments. Hersha can be found on the Web at http://www.hersha.com.
Processing Content
