Hersha Hospitality Trust

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Hersha Hospitality Trust
TypePublic company
NYSE: HT (Class A)
S&P 600 component
IndustryReal estate investment trust
Founded1984; 38 years ago (1984)
FounderHasu P. Shah
HeadquartersHarrisburg, Pennsylvania
Key people
Hasu P. Shah, Chairman
Jay H. Shah, CEO
Neil H. Shah, COO
Ashish R. Parikh, CFO
ProductsHotels
RevenueIncrease $529 million (2019)
Decrease -$27 million (2019)
Total assetsDecrease $2.122 billion (2019)
Total equityDecrease $807 million (2019)
Number of employees
49 (2019)
Websitewww.hersha.com
Footnotes / references
[1]

Hersha Hospitality Trust is a real estate investment trust that invests in hotels. The company is named after the wife of the founder.[2] It is organized in Maryland, with its principal office 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]

History[]

In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, bought an 11-room motel near Harrisburg, Pennsylvania.[2]

In 1984, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania.[2]

In 1998, the company was organized into a Maryland real estate investment trust and in January 1999, it became a public company via an initial public offering.[1]

In May 2006, the company acquired 4 Boston-area hotels for $44 million.[3]

In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million.[4]

In February 2016, the company sold 7 of its Manhattan hotels to a joint venture with Chinese company Cindat Capital Management.[5][6] The company also acquired The Ritz-Carlton, Georgetown for $49.9 million.[6][7]

References[]

  1. ^ a b c "Hersha Hospitality Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c STEINBERG, DON (September 19, 2011). "The Shah Brothers Would Like You to Sleep With Them". Philadelphia.
  3. ^ "Hersha Hospitality buys hotel portfolio for $44M". American City Business Journals. May 4, 2006.
  4. ^ Sernovitz, Daniel J. (June 16, 2015). "Dupont Circle hotel sells for $57 million; new owner plans to upgrade restaurant, lobby". American City Business Journals.
  5. ^ Hilario, Kenneth (May 2, 2016). "Hersha closes $571M multi-hotel sale". American City Business Journals.
  6. ^ a b "Hersha Hospitality Trust Sells Joint-Venture Interest in 7 Manhattan Hotels for $571.4 Million" (Press release). Business Wire. February 4, 2016.
  7. ^ Neibauer, Michael (January 6, 2016). "Here's who just bought the Ritz-Carlton Georgetown". American City Business Journals.

External links[]

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