Hersha Hospitality To Be Acquired By KSL Capital For Around $1.4 Bln; Stock Up In Pre-market

(RTTNews) - Hersha Hospitality Trust (HT), a resort and hotel chain, announced a Monday, that it has signed a definitive merger agreement where affiliates of investment company KSL Capital Partners, LLC will acquire all outstanding shares of Hersha for around $1.4 billion.

Under the terms of the agreement, Hersha shareholders will receive $10 in cash for every common share they own. The total transaction represents a premium of approximately 60 percent over the closing price of Hersha on August 25, a full day prior to this announcement.

The transaction is expected to close in the fourth quarter.

In pre-market activity, shares of Hersha are trading at $9.89 up 57.48% on the New York Stock Exchange.