Hersha Hospitality raises $155M in share offering; will use proceeds for acquisitions
By APFriday, January 22, 2010
Hersha Hospitality raises $155M in share offering
PHILADELPHIA — Hersha Hospitality Trust said Friday that it raised $155.3 million before expenses in its recent public share offering.
The hotel owner sold about 51.8 million new shares plus 6.8 million to cover overallotments.
It said it will use $110 million of the proceeds to buy a Hampton Inn and a Candlewood Suites in New York.
The company’s stock was up 2 cents to $3.62 in midday trading.
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