Hersha Hospitality Trust

Hersha Hospitality Trust is a real estate investment trust that invests in hotels. Named after its founder's wife, it is organized in Maryland and its principal office is in Harrisburg, Pennsylvania.

As of December 31, 2019, the company wholly owned 38 hotels comprising 6,104 rooms and partially owned 9 hotels comprising 1,425 rooms, all of which were on either the West Coast of the United States or the East Coast of the United States.

On November 29, 2023, KSL Capital Partners completed the purchase of Hersha.

History

In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, bought an 11-room motel near Harrisburg, Pennsylvania. Five years later, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.

In January 1999, a year after being organized into a Maryland real estate investment trust, it became a public company via an initial public offering. In May 2006, the firm acquired four Boston-area hotels for $44 million.

In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million. Before acquiring The Ritz-Carlton, Georgetown for $49.9 million, Hersha sold seven of its Manhattan hotels in February 2016 to a joint venture with Chinese company Cindat Capital Management.

In August 2023, private equity firm KSL Capital Partners announced an agreement to purchase Hersha for $10.00 per share, for a total of $1.4 billion. The share price represented a 60% increase over the closing share price the day before the agreement was announced.

In November 2023, it was announced that KSL had completed the purchase of the company.

References

External links

• Official website
• Business data for Hersha Hospitality Trust: