Company:Hersha Hospitality Trust
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| Type | Public company |
|---|---|
| NYSE: HT (Class A) | |
| Industry | Real estate investment trust |
| Founded | 1984 |
| Founder | Hasu P. Shah |
| Headquarters | Harrisburg, Pennsylvania |
Key people | Hasu P. Shah, Chairman Jay H. Shah, CEO Neil H. Shah, COO Ashish R. Parikh, CFO |
| Products | Hotels |
| Revenue |  $529 million (2019) |
 -$27 million (2019) | |
| Total assets | $2.122 billion (2019) |
| Total equity | $807 million (2019) |
| Owner |
|
Number of employees | 49 (2019) |
| Website | www |
| Footnotes / references [1] | |
Hersha Hospitality Trust is a real estate investment trust that invests in hotels. Named after its founder's wife,[2] 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.[1]
On November 29, 2023, KSL Capital Partners completed the purchase of Hersha.[3]
History
In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, bought an 11-room motel near Harrisburg, Pennsylvania.[2] Five years later, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.[2]
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.[1] In May 2006, the firm acquired four Boston-area hotels for $44 million.[4]
In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.[5] Before acquiring The Ritz-Carlton, Georgetown for $49.9 million,[6][7] Hersha sold seven of its Manhattan hotels in February 2016 to a joint venture with Chinese company Cindat Capital Management.[8][6]
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.[9] The share price represented a 60% increase over the closing share price the day before the agreement was announced.[10]
In November 2023, it was announced that KSL had completed the purchase of the company.
References
- ↑ 1.0 1.1 1.2 "Hersha Hospitality Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1063344/000106334420000029/ht1231201910k.htm.
- ↑ 2.0 2.1 2.2 STEINBERG, DON (September 19, 2011). "The Shah Brothers Would Like You to Sleep With Them". Philadelphia. https://www.phillymag.com/news/2011/09/19/the-shah-brothers-would-like-you-to-sleep-with-them/.
- ↑ "KSL Capital Partners and Hersha Hospitality close $1.4bn deal" (in en). Hospitality Investor. https://www.hospitalityinvestor.com/investment/ksl-capital-partners-closes-14bn-hersha-hospitality-deal.
- ↑ "Hersha Hospitality buys hotel portfolio for $44M". American City Business Journals. May 4, 2006. https://www.bizjournals.com/boston/stories/2006/05/01/daily41.html.
- ↑ Sernovitz, Daniel J. (June 16, 2015). "Dupont Circle hotel sells for $57 million; new owner plans to upgrade restaurant, lobby". American City Business Journals. https://www.bizjournals.com/washington/breaking_ground/2015/06/dupont-circle-hotel-sells-for-57-million-new-owner.html.
- ↑ 6.0 6.1 "Hersha Hospitality Trust Sells Joint-Venture Interest in 7 Manhattan Hotels for $571.4 Million" (Press release). Business Wire. February 4, 2016. External link in
|publisher=(help) - ↑ Neibauer, Michael (January 6, 2016). "Here’s who just bought the Ritz-Carlton Georgetown". American City Business Journals. https://www.bizjournals.com/washington/breaking_ground/2016/01/here-s-who-just-bought-the-ritzcarlton-georgetown.html.
- ↑ Hilario, Kenneth (May 2, 2016). "Hersha closes $571M multi-hotel sale". American City Business Journals. https://www.bizjournals.com/philadelphia/news/2016/05/02/hersha-hospitality-trust-sells-7-manhattan-hotels.html.
- ↑ Tesse Fox, Jena (Aug 8, 2023). "Breaking News: KSL Capital Partners to acquire Hersha Hospitality Trust for $1.4B". https://www.hotelmanagement.net/transactions/breaking-news-ksl-capital-partners-acquire-hersha-hospitality-trust-14b.
- ↑ O'Neill, Sean (2023-08-28). "KSL Buys Hersha Hospitality for $1.4 Billion in Private Equity Bet on Lifestyle Hotels" (in en-US). https://skift.com/2023/08/28/ksl-buys-hersha-hospitality-for-1-4-billion-in-private-equity-bet-on-lifestyle-hotels/.
External links
- Official website
- Business data for Hersha Hospitality Trust:
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