Key Developments: Hersha Hospitality Trust (HT)
5.90USD
18 Jun 2013
$0.10 (+1.72%)
$5.80
$5.80
$5.91
$5.78
2,228,705
1,410,527
$6.30
$4.19
Latest Key Developments (Source: Significant Developments)
IRSA Inversiones y Representaciones SA, Through Subsidiaries, Reduces Stake In Hersha Hospitality Trust To 0.49% From 7.19%
IRSA Inversiones y Representaciones SA (IRSA) announced that, through its subsidiaries, it has sold 9,754,486 shares of Hersha Hospitality Trust (Hersha), at a price of USD 5.5 per share. As a result, an indirect stake that IRSA held in Hersha was reduced to 0.49% from 7.19%. IRSA has maintained 1,000,000 ordinary shares of Hersha. Full Article
Hersha Hospitality Trust Announces Dividends
Hersha Hospitality Trust announced that Board of Trustees declared a cash dividend of $0.50 per Series B Preferred Share and $0.4297 per Series C Preferred Share for the second quarter ending June 30, 2013. The preferred share dividends are payable July 15, 2013 to holders of record as of July 1, 2013. The Board of Trustees also declared quarterly cash dividends of $0.06 per Common Share and per Limited Partnership unit for the second quarter ending June 30, 2013. The common share dividend and limited partnership unit distribution are payable July 15, 2013 to holders of record as of July 1, 2013. Full Article
Hersha Hospitality Trust Raises Low End Of Prior FY 2013 RevPAR Guidance
Hersha Hospitality Trust announced that for fiscal 2013, it expects total consolidated RevPAR growth in the range of 6.0% to 7.5% and same-store consolidated RevPAR growth in the range of 5.5% to 7.0%. Full Article
Hersha Hospitality Trust Announces Dividends
Hersha Hospitality Trust announced that its Board of Trustees declared a cash dividend of $0.50 per Series B Preferred Share and $0.1862 per Series C Preferred Share for the first quarter ending March 31, 2013. The preferred share dividends are payable April 15, 2013 to holders of record as of April 1, 2013. The Series C dividend represents a quarterly dividend payout of $0.4297 per share, adjusted on a pro-forma basis for the timing of the closing of the Company`s public offering of the Series C shares on March 6, 2013. The Board of Trustees also declared quarterly cash dividends of $0.06 per Common Share and per Limited Partnership unit for the first quarter ending March 31, 2013. The common share dividend and limited partnership unit distribution are payable April 15, 2013 to holders of record as of April 1, 2013. Full Article
Hersha Hospitality Trust Prices Public Offering of 6.875% Series C Preferred Shares
Hersha Hospitality Trust announced that it has priced a public offering of 3,000,000 shares of its 6.875% Series C cumulative redeemable preferred shares of beneficial interest, par value $.01 per share ($25.00 liquidation preference per share), for gross proceeds of $75,000,000. Hersha intends to use the net proceeds of the offering for the redemption of all of Hersha`s outstanding 8.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $.01 per share ($25.00 liquidation preference per share). The joint book-running managers for the offering are Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Raymond James & Associates, Inc. The lead manager for the offering is Robert W. Baird & Co. Incorporated. The co-managers for the offering are Cantor Fitzgerald & Co., FBR Capital Markets, and MLV & Co. LLC. Full Article
Hersha Hospitality Trust Comments On FY 2013 RevPAR And Same-Store RevPAR Guidance
Hersha Hospitality Trust announced that for fiscal 2013, it expects total consolidated RevPAR growth in the range of 5.5% to 7.5% and same-store consolidated RevPAR growth in the range of 5.0% to 7.0%. Full Article
Hersha Hospitality Trust Announces $75 Million Share Repurchase Program
Hersha Hospitality Trust announced that Board of Trustees has approved the repurchase of up to an aggregate of $75.0 million of the Company's common stock. The program is effective immediately and is expected to continue through December 31, 2013. The repurchases will be made from time to time on the open market at prevailing market prices, in block trades or in negotiated off-market transactions or otherwise, as market conditions warrant and subject to regulatory considerations. The repurchase plan may be suspended or discontinued at any time. Full Article
Hersha Hospitality Trust Announces Dividends
Hersha Hospitality Trust announced that its Board of Trustees declared a cash dividend of $0.50 per Series A and Series B Preferred Shares for the fourth quarter ending December 31, 2012. The preferred share dividends are payable January 15, 2013 to holders of record as of January 1, 2013. The Company also announced that the board of trustees have declared quarterly cash dividends of $0.06 per Common Share and per Limited Partnership unit for the fourth quarter ending December 31, 2012. The common share dividend and limited partnership unit distribution are payable January 15, 2013 to holders of record as of December 31, 2012. Full Article
Hersha Hospitality Trust Raises FY 2012 RevPAR Guidance; Comments on Q4 2012 RevPAR Guidance
Hersha Hospitality Trust announced that it has raised fiscal 2012 outlook based on increased expectations for growth in revenue per available room (RevPAR) for its total consolidated hotel and same store consolidated hotel portfolios for 2012. For the fourth quarter of 2012, RevPAR growth at the Company's total consolidated and same store consolidated hotel portfolio is trending ahead of the Company's prior outlook. The Company now expects total consolidated RevPAR growth of 7.0% to 8.0%, compared to prior range of 5.0%-6.5%. Full Article
Hersha Hospitality Trust Closes $400 Million Senior Unsecured Credit Facility
Hersha Hospitality Trust announced that it closed on a new $400 million senior unsecured credit facility (the Facility) that is expandable to $550 million. The credit facility consists of a $250 million senior unsecured revolving line of credit (the Revolving Credit Facility) and a $150 million senior unsecured term loan (the Term Loan). This new Facility replaces the Company`s $250 million senior secured revolving credit facility. Concurrent with the closing of the Facility, the Company funded a $100 million tranche of the Term Loan at a fixed interest rate of 3.195% for four years. The Company anticipates funding the remaining $50 million tranche of the Term Loan prior to December 31, 2012. The Term Loan borrowings were used to pay off the existing balance on the secured revolving credit facility, pay off the balance on mortgage loans at six hotel properties, and for general corporate purposes. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
