The Company’s acquisition of the hotel is subject to a variety of conditions, including the substantial completion of the hotel by the seller and completion of the construction within the contractual scope, as well as the satisfaction of other customary closing conditions. As a result, there can be no assurance that the Company will complete the acquisition of the 52 nd Street Hotel described above on the schedule or on the terms described above or at all.
The Company has posted a presentation of supplemental information about the HGI Midtown East acquisition located at www.hersha.com on the investor relations section under “Presentations.”
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust, which owns 64 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,221 rooms. HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices. For further information on the Company visit our website at www.hersha.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the anticipated closing of the transaction described in this press release, the completion of construction of the hotel being acquired and the Company’s projected first year and stabilized capitalization rates and hotel EBITDA multiples, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the U.S. Securities Exchange Commission.