Hersha Hospitality soars on KSL Capital's $1.4 bln buyout

Hersha Hospitality Trust

28/08/2023 14:13

** Shares of luxury hotel chain Hersha Hospitality Trust
 HT.N  jump 57.1% to $9.86 premarket after KSL Capital Partners
agrees to buy co in an all-cash deal valued at $1.4 bln 
    ** Stock set to touch highest-level in over 11 months if
gains hold after markets open 
    ** KSL to acquire all outstanding common shares of HT for
$10/shr, representing a premium of 59.2% to HT's last close of
$6.28
    ** Holders of HT's preferred shares will receive $25/shr in
cash
    ** Deal expected to close in Q4 of 2023
    ** Upon completion, HT's shares will no longer be listed on
any public securities exchange
    ** HT down 26.3% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))