Company type | Public company |
---|---|
NYSE: HT (Class A) | |
Industry | Real estate investment trust |
Founded | 1984 |
Founder | Hasu P. Shah |
Headquarters | Harrisburg, Pennsylvania |
Key people | Hasu P. Shah,
Chairman Jay H. Shah, CEO Neil H. Shah, COO Ashish R. Parikh, CFO |
Products | Hotels |
Revenue | $529 million (2019) |
-$27 million (2019) | |
Total assets | $2.122 billion (2019) |
Total equity | $807 million (2019) |
Owner |
|
Number of employees | 49 (2019) |
Website |
www |
Footnotes / references [1] |
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]
In 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.