Hersha Hospitality Trust to pay down revolver via stock proceeds

By Ashley Montgomery

Kansas City, Kan., May 2 - Hersha Hospitality Trust plans to repay borrowings under its revolving line of credit with proceeds from its sale of 22 million common shares, according to a news release.

Funds from the sale will also be used for general corporate purposes.

The offering has an over-allotment option for 3.3 million shares.

Hersha is a real estate investment trust that owns and operates hotels and is based in Harrisburg, Pa.

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