Hersha Hospitality Trust Announces $75 Million Share Repurchase Program
PHILADELPHIA--(BUSINESS WIRE)-- Hersha Hospitality Trust (NYS: HT) , owner of upscale hotels in urban gateway markets, today announced that its Board of Trustees has approved the repurchase of up to an aggregate of $75.0 million of the Company's common stock. The program is effective immediately and is expected to continue through December 31, 2013.
"Implementing a share repurchase program provides Hersha with additional financial flexibility and reflects the strength of our balance sheet and our confidence in the cash flow generation capabilities of our portfolio," stated Mr. Jay H. Shah, Hersha's Chief Executive Officer. "With the potential of heightened market volatility, the flexibility to buy back shares allows us the opportunity to strategically deploy capital to enhance long term shareholder value. We remain confident in our strategy and the market leverage of our urban centric portfolio of hotels in gateway cities."
The repurchases will be made from time to time on the open market at prevailing market prices, in block trades or in negotiated off-market transactions or otherwise, as market conditions warrant and subject to regulatory considerations. The repurchase plan may be suspended or discontinued at any time.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust, that owns 64 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,221 rooms. HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices. For further information on the Company visit our website at www.hersha.com.
Forward Looking Statement
Certain matters within this press release are discussed using forward-looking language as specified in 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 projected in the forward-looking statement. These forward-looking statements include, among others, statements related to the Company's cashflow generation. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 filed by the Company with the Securities and Exchange Commission on February 29, 2012 and other documents filed by the Company with the Securities and Exchange Commission.
Hersha Hospitality Trust
Ashish Parikh, CFO
KEYWORDS: United States North America Pennsylvania
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