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Hersha Hospitality Trust (HT) SEC Filing 8-K Material Event for the period ending Wednesday, January 19, 2022

Hersha Hospitality Trust

CIK: 1063344 Ticker: HT
HERSHA HOSPITALITY TRUST
510 Walnut Street | 9th Floor
Philadelphia | PA | 19106
p. 215.238.1046 | f. 215.238.0157
hersha.com

Hersha Hospitality Trust Provides Operational Update
- December Property-Level Cash Flow of $9.7 Million -

Philadelphia, PA, January 19, 2022
-- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced preliminary operating results for December 2021.

December Operating Results
(All Comparable Statistics vs. December 2019)

7.2% ADR growth to $250 for the comparable portfolio
Property-level cash flow of $9.7 million
430 basis points of GOP margin expansion to 44.6%
180 basis points of EBITDA margin expansion to 30.6%
Urban EBITDA performance improves in quarter, nearly matching continued robust resort portfolio EBITDA performance
Resorts generated $4.9 million of property level EBITDA
890 basis points of GOP margin expansion to 51.7%
560 basis points of EBITDA margin expansion to 38.8%
49% RevPAR growth at the Parrot Key Hotel & Villas
36% RevPAR growth at the Sanctuary Beach Resort
Urban Portfolio generated $4.8 million of property level EBITDA
70 basis points of GOP margin expansion to 40%
75% Occupancy for Manhattan (72% weekday vs 82% Weekend)
Manhattan 3.9% weekend ADR growth to $298.72
Washington DC 7.9% full month ADR growth to $200.65

“Our strategically clustered portfolio of transient hotels and resorts delivered strong results in the fourth quarter in both resort and urban markets,” said Mr. Jay H. Shah, Hersha’s Chief Executive Officer. “Performance at our South Florida and resort-oriented properties in particular has been robust, and our properties in urban markets have exceeded our expectations, especially in Manhattan. As the quarter progressed, we continued to narrow the gap to 2019 operating results. October and November RevPAR trailed 2019 comparable month results by 30% and 21%, respectively, while our December results trailed by 14% despite a late month surge of the Omicron variant. As a result, property and corporate level cash flow sequentially improved from November into December. Our December results exceeded our expectations on both the top and bottom line as property level cash flow was 13% above our forecast driven by our properties’ aggressive revenue management strategies and ongoing cost containment measures.” Stated Mr. Jay H. Shah, Hersha’s Chief Executive Officer.
Mr. Shah continued, “We see a clear line of sight for Hersha’s growth trajectory in 2022 and beyond. At our non-resort, urban portfolio in particular, RevPAR in December was still roughly 27% below 2019, even with the strong performance in the fourth quarter. With 75% of our room count, these properties, located in high barrier-to entry gateway markets, represent meaningful upside. Similar to what our portfolio experienced in the fourth quarter, looking beyond the recent spike in case counts, we believe companies will continue returning to offices and corporate and group travel will increase. Coupled with continued strength in our resort and drive-to leisure segment, we are optimistic about the growth opportunity ahead for our unique portfolio of assets.”





The Company has posted an updated Investor Relations presentation of supplemental information detailing December performance on its website in the Investor Relations section under “Presentations”.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high-quality hotels in urban gateway markets and regional resort destinations. The Company's 36 hotels totaling 5,802 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The Company's common shares are traded on The New York Stock Exchange under the ticker “HT.” For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com

Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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 factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed by the Company with the Securities and Exchange Commission (“SEC”) and other documents filed by the Company with the SEC from time to time.

Contact: Ashish Parikh, Chief Financial Officer
Phone: (215) 238-1046

510 Walnut Street 9th Floor | Philadelphia, PA 19106 | p. 215.238.1046 | f. 215.238.0157     Page|2

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):  January 19, 2022
 
HERSHA HOSPITALITY TRUST
(Exact name of registrant as specified in its charter)
   
Maryland001-1476525-1811499
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
  44 Hersha Drive
Harrisburg, Pennsylvania 17102
(Address and zip code of
principal executive offices)
 
Registrant’s telephone number, including area code: (717) 236-4400
 
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):
  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Shares of Beneficial Interest, par value $.01 per shareHTNew York Stock Exchange
6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per shareHT-PCNew York Stock Exchange
6.50% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per shareHT-PDNew York Stock Exchange
6.50% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per shareHT-PENew York Stock Exchange




Item 2.02    Results of Operations and Financial Condition

On January 19, 2022, Hersha Hospitality Trust issued a press release announcing its preliminary operating results for December 2021.  A copy of that press release is furnished as Exhibit 99.1.
The information furnished with this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation by reference language contained therein, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
104Cover Page Interactive Data File




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: January 19, 2022By:/s/ Ashish R. Parikh 
  Name:Ashish R. Parikh 
  Title:Chief Financial Officer 


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Ticker: HT
CIK: 1063344
Form Type: 8-K Corporate News
Accession Number: 0001063344-22-000025
Submitted to the SEC: Wed Jan 19 2022 7:45:27 PM EST
Accepted by the SEC: Thu Jan 20 2022
Period: Wednesday, January 19, 2022
Industry: Real Estate Investment Trusts
Events:
  1. Earnings Release
  2. Financial Exhibit

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