UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): May 26, 2005
HERSHA
HOSPITALITY TRUST
(Exact
name of registrant as specified in its charter)
|
Maryland |
001-14765 |
251811499 |
|
(State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
510
Walnut Street, 9th
Floor
Philadelphia,
Pennsylvania 19106
(Address
and zip code of
principal
executive offices)
Registrant’s
telephone number, including area code: (215)
238-1046
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
|
o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
o |
Pre-commencement
communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
|
Item
2.01. |
Completion
of Acquisition or Disposition of
Assets |
On
April 28, 2005, Hersha Hospitality Trust (“Hersha”), a real estate investment
trust and owner of nationally franchised, upscale and mid-scale hotels, agreed
to acquire a five-hotel portfolio in the Philadelphia and Wilmington
metropolitan regions for approximately $48.9 million in cash. The acquisition
consists of three Holiday Inn Expresses, a Marriott Courtyard and a McIntosh
Inn. Each hotel in the portfolio is owned by a separate entity, which are under
common control. The sellers of these hotels are not affiliates of Hersha. Hersha
previously reported its entry into the purchase agreements related to these
hotels in a Form 8-K filed May 4, 2005. Hersha has now completed the acquisition
of three of the five hotels in the portfolio and expects to close on the
remaining two hotels during June, 2005. This acquisition became “significant”
for purposes of Item 2.01 of Form 8-K when Hersha closed on the third of the
five hotels. Hersha Hospitality Management, LP will operate each of the hotels.
Acquisition
of Holiday Inn Express Hotel & Suites - King of
Prussia
On
May 23, 2005, Hersha Hospitality Limited Partnership (“HHLP”) completed the
acquisition of the land, improvements and certain personal property of Holiday
Inn Express Hotel & Suites - King of Prussia from McIntosh Inn of King of
Prussia, Inc. The purchase price for the hotel was approximately $16.1 million.
A copy of the purchase agreement was filed as Exhibit 10.2 to the Quarterly
Report on Form 10-Q filed by Hersha on May 10, 2005 and is incorporated herein
by reference.
Acquisition
of Holiday Inn Express of Frazer - Malvern
On
May 24, 2005, HHLP completed the acquisition of the land, improvements and
certain personal property of Holiday Inn Express of Frazer - Malvern from
McIntosh Inn of Malvern, Inc. The purchase price for the hotel was approximately
$8.2 million. A copy of the purchase agreement was filed as Exhibit 10.3 to the
Quarterly Report on Form 10-Q filed by Hersha on May 10, 2005 and is
incorporated herein by reference.
Acquisition
of Holiday Inn Express of Langhorne - Oxford Valley
On
May 26, 2005, HHLP completed the acquisition of the land, improvements and
certain personal property of Holiday Inn Express of Langhorne - Oxford Valley
from McIntosh Inn of Oxford Valley, Inc. The purchase price for the hotel was
approximately $7.8 million. A copy of the purchase agreement was filed as
Exhibit 10.4 to the Quarterly Report on Form 10-Q filed by Hersha on May 10,
2005 and is incorporated herein by reference.
|
Item 9.01 |
Financial
Statements and Exhibits |
|
(a) |
|
Financial
Statements of Business Acquired. |
To
the extent required by this item, financial statements will be filed as part of
an amendment to this report on Form 8-K no later than 71 calendar days after the
date this report is required to be filed.
|
(b) |
Pro
Forma Financial Information |
To
the extent required by this item, pro forma financial information will be filed
as part of an amendment to this report on Form 8-K no later than 71 calendar
days after the date this report is required to be filed.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
| |
|
|
| |
HERSHA
HOSPITALITY TRUST |
|
|
|
| Date: May 31,
2005 |
By: |
/s/ Ashish R.
Parikh |
| |
|
| |
Ashish
R. Parikh
Chief
Financial Officer |