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Hersha Hospitality Trust (NYSE: HT) reported a property-level cash flow of $3.8 million for April 2021, outperforming forecasts by 15%. The company achieved a 40% GOP margin in its comparable portfolio. The Duane Street Hotel in NYC was sold for $18 million, marking a strategic shift toward debt reduction. The hotel sector showed signs of recovery, with increased demand from business and leisure travelers. As restrictions lift, Hersha anticipates further growth through summer, supported by strong performance in South Florida and resort markets.
Hersha Hospitality Trust (NYSE: HT) reported a net income of $2.9 million for Q1 2021, compared to a net loss of $29.1 million in Q1 2020. The increase was aided by $48.3 million in asset sales. Property level cash flow surged to $3.7 million in March, reflecting a 182% improvement from Q4 2020. Occupancy rates exceeded internal forecasts by 1,300 basis points, while RevPAR surpassed expectations by 34%. Despite challenges from the COVID-19 pandemic, the company anticipates a gradual recovery, though it has not provided full-year guidance for 2021.
Hersha Hospitality Trust (NYSE: HT) will release its Q1 2021 financial results on April 28, 2021, after market close. A conference call will be held at 9:00 AM ET on April 29, 2021, featuring CEO Jay H. Shah, President Neil H. Shah, and CFO Ashish Parikh. The company operates 37 hotels with 5,845 rooms in key markets including New York and Washington, D.C. The call can be accessed via phone or live webcast on the company's website. Forward-looking statements in the press release highlight risks and uncertainties that may affect future performance.
Hersha Hospitality Trust (HT) reported strong February operational results, exceeding revenue forecasts by over 20%. The company achieved a positive property-level cash flow for the second consecutive month, with occupancy rates of 51.2% in New York City and 69.4% in South Florida. Hersha also finalized the sale of two hotels for $58 million, contributing to total proceeds of $216 million from recent asset dispositions. Additionally, it announced preferred dividend distributions for accrued periods, reflecting improved financial stability.
Hersha Hospitality Trust (NYSE: HT) reported a significant net loss of $190.5 million, or $4.93 per diluted share, for 2020, exacerbated by the COVID-19 pandemic. The fourth quarter alone saw a net loss of $44.8 million, or $1.16 per share, compared to $9.3 million in Q4 2019. However, the company successfully amended its senior credit facility, secured $200 million in unsecured notes, and entered binding sales agreements on hotels worth $216 million. Positive portfolio-level EBITDA was noted in January, highlighting recovery signs in travel demand.
Hersha Hospitality Trust (HT) announced a $200 million unsecured notes placement and successful amendments to its credit facilities. The notes provide an initial $150 million draw, with a flexible structure aimed at enhancing liquidity. Additionally, the company has extended covenant waivers through March 31, 2022. Hersha has binding sales agreements for six hotels totaling $216 million, enhancing its liquidity strategy. The company emphasized that these transactions avoid shareholder dilution while maintaining operational flexibility as market demand returns.
Hersha Hospitality Trust (HT) announced a rescheduled earnings conference call for its fourth quarter 2020 results, now set for 8:00 AM ET on February 24, 2021. Key executives, including CEO Jay H. Shah, will lead the call.
The live audio webcast will be available on the Company's website. A replay will follow, accessible through designated phone numbers and the Company’s website until March 23, 2021. Hersha operates 48 hotels across major markets in the U.S., indicating its strategic positioning in the hospitality sector.
Hersha Hospitality Trust (HT) has announced the tax classification for its 2020 share distributions for Common and Preferred Shares. The total cash distribution for Common Shares is $0.2800, with 100% considered nontaxable return of capital. For Series C, D, and E Preferred Shares, distributions per share are $0.4297 and $0.40625, also classified entirely as nontaxable. Shareholders are advised to consult tax professionals for specific guidance.
Hersha Hospitality Trust (NYSE: HT) will release its fourth quarter 2020 financial results after the market close on February 23, 2021, followed by a conference call on February 24, 2021, at 10:00 AM ET. Jay H. Shah, CEO, and other executives will discuss the results. The Company operates 48 hotels across major U.S. markets, totaling 7,582 rooms. Investors can access a live audio webcast of the call on the Company's website. Forward-looking statements in the release highlight potential risks and uncertainties that may impact future performance.
Hersha Hospitality Trust (NYSE: HT) announced a binding sales agreement for the 245-room Courtyard San Diego for $64.5 million, resulting in a net book gain of approximately $5.4 million. The hotel, which has no property-level debt, will provide net proceeds to repay borrowings under the Company’s credit facilities. The sale is expected to enhance Hersha's balance sheet, as stated by CEO Jay H. Shah. The transaction is subject to customary closing conditions and is expected to close by the end of Q1 2021, pending any unforeseen delays.
