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PHILADELPHIA-Hersha Hospitality Trust has announced a publicoffering of six million of its common shares. They began trading at$9.35 a share on the Amex on April 17. The locally basedhospitality REIT has also granted the underwriters a 30-day optionto purchase an additional 900,000 shares to coverover-allotments.
According to its SEC filing, Hersha estimates net proceeds ofapproximately $53 million, after deducting discounts, commissionsand expenses. If the underwriters exercise their over-allotmentoption in full, based on $9.35 a share, the estimated net proceeds,would rise to about $61 million.
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