Hersha to redeem all 8% series A preferreds with new issue proceeds

By Toni Weeks

San Luis Obispo, Calif., Feb. 25 - Hersha Hospitality Trust will redeem all of its outstanding 8% series A cumulative redeemable preferred shares with the proceeds of a recently announced public offering of series C cumulative redeemable preferred shares, according to a company press release.

Joint bookrunning managers Wells Fargo Securities, LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Raymond James & Associates, Inc. are conducting the $65 million public offering of series C preferreds. Pricing was expected Monday.

The Philadelphia-based company is a self-advised real estate investment trust that owns 64 hotels in major urban gateway markets.

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