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Direct Investment  + Alternative Assets  + M&As  + Real Assets  |  August 28, 2023
KSL to Buy Hersha Hospitality Trust in $1.4B Deal
Joe Palmisano
By: Joe Palmisano

KSL to Buy Hersha Hospitality Trust in $1.4B Deal

KSL Capital Partners, LLC, a private equity firm focused on the travel and leisure business, agreed to buy Hersha Hospitality Trust, a real estate investment trust that owns 25 luxury and lifestyle hotels throughout the US, in an all-cash deal with a $1.4 billion valuation.

KSL will pay $10 per share for all outstanding shares, representing a premium of approximately 60% over Hersha’s closing price on Friday.

Meanwhile, holders of Hersha’s preferred shares will receive $25 per share in cash.

“This transaction is a result of our deliberate actions to focus on key gateway markets and lifestyle and leisure properties, as well as our work to create a concentrated portfolio consisting of some of the highest quality hotels in their respective markets,” said Hersha CEO Neil H. Shah.

The transaction is expected to close in the fourth quarter of 2023.

Shares of Hersha soared over 57% to $9.86 following the announcement but are still down just over 26% for the year.

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Inside The Story

Hersha Hospitality TrustKSL Capital Partners, LLC.

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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