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Stock Market & Financial Investment News

News Breaks
February 24, 2014
08:02 EDTHTHersha Hospitality to sell Hotel 373 in Manhattan for $37M
Hersha Hospitality Trust has entered into a definitive agreement to sell the Hotel 373 located in midtown Manhattan. The 70 room hotel is being sold to an offshore investment group for $37M, or approximately $529,000 per key. The sale price values the hotel at $1,680 per square foot, and on 2013 operating results represents an economic capitalization rate of 5.2% and a hotel EBITDA multiple of 17.3x. The transaction is expected to close during the second quarter of 2014, and is subject to customary closing conditions, including the completion of the buyer’s due diligence.
News For HT From The Last 14 Days
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June 23, 2015
08:02 EDTHTHersha Hospitality 1-for-4 reverse share split effective June 22
Hersha Hospitality Trust announced that the previously announced 1-for-4 reverse split of the company’s issued and outstanding Common Shares took effect at 5:00 p.m., EDT, on June 22. Accordingly, at the Effective Time, every four issued and outstanding Common Shares were combined into one Common Share. In addition, at the market open on June 23, the Common Shares began trading on the New York Stock Exchange on a post-split basis under the existing symbol “HT” and under a new CUSIP number: 427825 500. As a result of the reverse share split, the number of outstanding Common Shares was reduced from approximately 191.1 million to approximately 47.8 million. Thecompany’s previously announced second quarter dividend, to be paid on July 15 to the holders of record of Common Shares on the close of business on June 30 will be adjusted to 28c per Common Share. The amount of any future dividends payable by the company will be determined by and at the sole discretion of the company’s Board of Trustees.

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