HT - Why Hersha Hospitality Trust Stock Skyrocketed 56% Today
2023-08-28 14:45:12 ET
Shares of Hersha Hospitality Trust (NYSE: HT) were up 56.2% as of 11:50 a.m. ET Monday, according to data provided by S&P Global Market Intelligence , after the company agreed to go private through a $1.4 billion acquisition by private equity firm KSL Capital Partners.
In a press release this morning, the hospitality-focused real estate investment trust (REIT) announced it has agreed to be acquired by affiliates of KSL Capital for $10 per share -- a roughly 60% premium from Friday's closing price -- in an all-cash transaction valued at about $1.4 billion.
The agreement follows a multiyear strategic review by an independent transaction committee formed by Hersha's board of trustees. Hersha management insists it's "confident this step will allow us to deliver value for our shareholders while refocusing on growing the business over a longer period of time."
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Why Hersha Hospitality Trust Stock Skyrocketed 56% Today