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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
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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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