What Is The Symbol Of Hersha Hospitality Trust
Breaking: Hersha Hospitality Trust, a real estate investment trust (REIT) focused on hotel properties, is no longer publicly traded. This follows its acquisition by Rockpoint in a deal valued at approximately $1.4 billion.
Hersha Hospitality Trust, previously trading under the symbol HT on the New York Stock Exchange (NYSE), ceased to exist as a publicly listed entity after the completion of the acquisition. This impacts investors who previously held HT shares and alters the landscape of publicly traded hotel REITs.
The End of an Era: HT Delisted
The delisting of HT from the NYSE occurred on or around November 13, 2023, the date the acquisition by Rockpoint was finalized. Prior to this, HT shares represented ownership in Hersha Hospitality Trust, which owned and operated luxury and lifestyle hotels in urban gateway markets and resort destinations.
Investors could track the company’s performance and trade shares under the HT ticker. Now, with the acquisition complete, the ticker symbol is defunct.
The definitive agreement, announced on August 28, 2023, outlined the terms of the acquisition. Rockpoint, a real estate private equity firm, acquired all outstanding shares of Hersha Hospitality Trust in an all-cash transaction.
What Happened to the Symbol HT?
HT, the symbol for Hersha Hospitality Trust, is no longer actively traded. The acquisition by Rockpoint triggered the company's delisting from the NYSE.
Essentially, the symbol became obsolete because the entity it represented – the publicly traded Hersha Hospitality Trust – no longer exists in its previous form. The company is now privately held.
Shareholders of record received $10.00 per share in cash. This cash-out effectively ended the public trading of HT shares.
Who Was Hersha Hospitality Trust?
Hersha Hospitality Trust was a self-advised real estate investment trust (REIT). They owned and operated high-quality hotels in key markets across the United States.
Their portfolio included well-known brands like Ritz-Carlton, Hyatt, Marriott, and Hilton. These properties were primarily located in urban centers and resort destinations.
Jay H. Shah served as the Chief Executive Officer of Hersha Hospitality Trust. The company was founded by Hasu P. Shah and Hersha Shah.
The Acquisition Details
The acquisition by Rockpoint was a significant transaction in the hospitality industry. It marked the end of Hersha Hospitality Trust's tenure as a publicly traded entity.
The all-cash deal valued Hersha Hospitality Trust at approximately $1.4 billion. This includes Hersha's consolidated debt.
Rockpoint partnered with Arbiter Partners Capital Management LLC on the deal. This further emphasizes the significance and scope of the transaction.
Implications for Investors
Former shareholders of HT no longer own equity in Hersha Hospitality Trust. They have received cash compensation for their shares based on the terms of the agreement.
Investors seeking exposure to publicly traded hotel REITs must now look to other companies. The landscape of publicly traded REITs has been altered by Hersha's departure.
For those who previously tracked the price movements of HT, the ticker symbol is no longer relevant. The company's financial performance will now be under private ownership.
What to Do Next?
Former shareholders should ensure they have received their cash payment of $10.00 per share. Contact your brokerage firm if you have any concerns or have not received payment.
Investors looking for alternatives in the hotel REIT sector should conduct thorough research. Consider factors like portfolio composition, management strategy, and financial performance.
The acquisition represents a significant shift in ownership for Hersha Hospitality Trust's portfolio. The long-term impact of this shift remains to be seen.
