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Hersha Hospitality Trust
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] HistoryIn 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
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