Hersha Hospitality Trust Provides Portfolio Update Related to COVID-19 Outbreak
Hersha Hospitality Trust Class A Common Shares of Beneficial Interest (HT)
Last hersha hospitality trust class a common shares of beneficial interest earnings: 2/24 04:15 pm
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Source: GlobeNewswire
PHILADELPHIA, March 19, 2020 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced that due to the recent lodging demand shocks stemming from the COVID-19 outbreak, the Company’s first quarter and full year 2020 guidance presented in its fourth-quarter 2019 earnings release should not be relied upon. “Since our fourth-quarter earnings call just over three weeks ago, we have experienced an unprecedented pace of transient and group cancellations across our portfolio along with a rapid and pervasive deterioration of forward booking pace related to the outbreak and spread of COVID-19. The demand shock has materially impacted the industry and our portfolio. Although the full impact of the national emergency will become more apparent in the coming weeks, we are working side-by-side with our operators to stem the economic effects of declining
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