Hersha Hospitality completes $25 per share buyback of preferreds

By Mary-Katherine Stinson

Lexington, Ky., Nov. 28 – Hersha Hospitality Trust has completed the $25 per share buyback from three series of its redeemable preferred shares on Nov. 28, which was the closing date of Hersha’s acquisition by KSL Capital Partners LLC for $10.00 per share in an all-cash transaction valued at about $1.4 billion, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the series subject to the buyback were the 6 7/8% series C cumulative redeemable preferred shares, 6½% series D cumulative redeemable preferred shares and 6½% series E cumulative redeemable preferred shares.

Hersha Hospitality is a Harrisburg, Pa.-based self-advised real estate investment trust that owns luxury and lifestyle hotels in coastal gateway and resort markets.

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