Hersha Hospitality Trust

hotel industry. IRSA, which is commanded (and controlled), by Eduardo Elsztain announced last Tuesday it acquired, through Real Estate Investment Group (REIG), company that controls and management of indirectly, 11,56% of the equity capital of Hersha Hospitality Trust (NYSE:HT), a society family-owned Shah who manages 73 hotels in the United States, mainly in the Northwest American coast under chains like Marriott luxury franchisingIntercontinental, Starwood and Hilton. For each action of Hersha, was paid $2.5 and with this acquisition, the controlled by IRSA became majority shareholder of Hersha. The actions of the American company received good way this society with IRSA and in the day of yesterday experienced an increase of 6.12%. But the business carried out by the real estate holding company Argentine will not end with the simple acquisition of part of the shares of Hersha.

In addition, the subsidiary of IRSA have an option for a period of five years about 5.7 million of additional common shares of Hersha, at a price of $3 per share (was at the close yesterday, the action of Hersha already trading to US $2.95). In addition, the Chairman of IRSA, Eduardo Elsztain, has achieved access one of the armchairs of Hersha directory. The U.S. company, also seen in IRSA support necessary to overcome economic turbulence and position itself strategically waiting for the recovery of the sector. Jay Shah, CEO of Hersha, stated in this regard: will contribute to our efforts to take advantage of opportunities to grow the platform of Hersha with the cycle of the hospitality industry starts to recover. In addition, society with Argentine businessmen, implies a Hersha additional added value, since they can share with this experience of stressful situations as it says Elsztain: Our company has faced in the past similar challenging contexts of recession and lack of liquidity in Latin America, which we traversed with success and the good fortune of not only survive, but also thrive despite daunting circumstances.