Hersha Hospitality Trust Announces New $100 Million Share Repurchase Program

- Repurchases 7.5% of Shares Outstanding for $91.8 Million in 2015 -

PHILADELPHIA--(BUSINESS WIRE)-- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of upscale hotels in urban gateway markets, today announced that its Board of Trustees authorized a new share repurchase program of up to $100 million of the Company’s outstanding common shares, par value $0.01 per share. This new program will commence upon completion of the Company’s existing $100 million share repurchase program, of which approximately $8.2 million remains available for repurchases of the Company’s outstanding common shares through the end of 2015. The Company expects to complete the new repurchase program prior to December 31, 2016, unless extended by the Board of Trustees.

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “The new $100 million share repurchase program underscores our confidence in the Company’s well-assembled portfolio and lodging fundamentals, in addition to our commitment to value creation. During third quarter 2015, we repurchased $39.3 million of our shares at a weighted average price of $23.74 per share, and are ready to prudently utilize the program during times of market volatility, or when our shares do not appropriately reflect their value.”

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common shares and general market and economic conditions, applicable legal requirements, compliance with the terms of the Company’s outstanding indebtedness and the availability of capital for repurchases.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company's 52 hotels totaling 8,414 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company's shares are traded on The New York Stock Exchange under the ticker “HT”.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the U.S. Securities Exchange Commission.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005326/en/

Hersha Hospitality Trust
Ashish Parikh, 215-238-1046
Chief Financial Officer

Source: Hersha Hospitality Trust

You May Also Be Interested In

• Midday movers: Tesla, Blackstone, Las Vegas Sands fall; DR Horton rises
• Bic: Annual Shareholders’ Meeting on May 29, 2024 - Publication of Meeting notice
• Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2024