Maryland |
001-14765 |
251811499 | ||
(State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
o |
Pre-commencement
communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item
1.01 |
Entry
into a Material Definitive
Agreement. |
Item
2.01 |
Completion
of Acquisition or Disposition of
Assets. |
Item
9.01 |
Financial
Statements and Exhibits. |
(b) |
Pro
Forma Financial Information |
Pro
Forma |
|||||||||||
Adjustments |
|||||||||||
Historical |
(a-g) |
Pro
Forma |
|||||||||
Assets: |
|||||||||||
Cash
and cash equivalents |
$ |
6,097 |
$ |
5,594 |
(a) |
$ |
11,691 |
||||
Investment
in Hotel Properties, net |
|||||||||||
of
Accumulated Depreciation |
171,990
|
171,990
|
|||||||||
Assets
Held for Sale |
18,806
|
(18,806 |
) |
(b) |
-
|
||||||
Notes
Receivable - Related Party |
14,084
|
14,084
|
|||||||||
Notes
Receivable |
56
|
1,700
|
(c) |
1,756
|
|||||||
Escrow
Deposits |
2,368
|
2,368
|
|||||||||
Accounts
Receivable |
2,184
|
2,184
|
|||||||||
Deferred
Costs, net of Accumulated Amortization of $1,173 |
1,835
|
1,835
|
|||||||||
Due
from Related Party |
27,849
|
27,849
|
|||||||||
Investment
in Joint Ventures |
8,725
|
8,725
|
|||||||||
Other
Assets |
2,273
|
(16 |
) |
(d) |
2,257
|
||||||
Total
Assets |
$ |
256,267 |
$ |
(11,528 |
) | $ |
244,739 |
||||
Liabilities
and Shareholders’ Equity: |
|||||||||||
Mortgages
Payable |
$ |
97,395 |
$ |
- |
$ |
97,395 |
|||||
Debt
Related to Assets Held for Sale |
12,952
|
(12,952 |
) |
(e) |
-
|
||||||
Line
of Credit |
400
|
400
|
|||||||||
Capital
Lease Payable |
429
|
429
|
|||||||||
Advance
Deposits |
223
|
223
|
|||||||||
Dividends
and Distributions Payable |
4,164
|
4,164
|
|||||||||
Due
to Related Party |
866
|
866
|
|||||||||
Interest
Rate Derivative |
104
|
104
|
|||||||||
Accounts
Payable and Accrued Expenses |
6,221
|
(42 |
) |
(f) |
6,179
|
||||||
Total
Liabilities |
122,754
|
(12,994 |
) |
109,760
|
|||||||
COMMITMENTS
AND CONTINGENCIES |
-
|
-
|
|||||||||
Minority
Interest: |
|||||||||||
Joint
Venture Interest in Logan Hospitality |
2,043
|
2,043
|
|||||||||
Common
Units |
16,131
|
16,131
|
|||||||||
Series
A Preferred Units |
-
|
-
|
|||||||||
Total
Minority Interest |
18,174
|
18,174
|
|||||||||
Shareholders’
Equity: |
|||||||||||
Preferred
Shares - Series A, $.01 Par Value, 350,000 Shares Authorized, None Issued
and Outstanding |
-
|
-
|
-
|
||||||||
Common
Shares - Priority Class A, $.01 Par Value, 50,000,000 Shares Authorized,
20,292,631 Shares Issued and Outstanding at March 31, 2005 |
203
|
-
|
203
|
||||||||
Common
Shares - Class B, $.01 Par Value, 50,000,000 Shares Authorized, None
Issued and Outstanding |
-
|
-
|
|||||||||
Additional
Paid-in Capital |
135,343
|
1,466
|
(g) |
136,809
|
|||||||
Other
Comprehensive Income (Loss) |
231
|
231
|
|||||||||
Distributions
in Excess of Net Earnings |
(20,438 |
) |
(20,438 |
) | |||||||
Total
Shareholders' Equity |
115,339
|
1,466
|
116,805
|
||||||||
Total
Liabilities and Shareholders’ Equity |
$ |
256,267 |
$ |
(11,528 |
) |
$ |
244,739 |
Assets
Held for Sale: |
03/31/05 |
|||
Land |
$ |
3,050 |
||
Buildings
and improvements |
15,116 |
|||
Furniture,
fixtures and equipment |
2,078 |
|||
20,244 |
||||
Less
accumulated depreciation |
1,438 |
|||
$ |
18,806 |
(c) |
Exhibits. |
Exhibit
10.1 |
Agreement
of Purchase and Sale, dated as of May 13, 2005, by and between Metro Two
Hotel, LLC and CNR Queens Hospitality, LLC. |
Exhibit
10.2 |
Purchase
and Sale Agreement, dated as of May 13, 2005, by and between 5544 JFK III
Associates and Metro Sai Hospitality
L.L.C. |
HERSHA
HOSPITALITY TRUST | |||
Date:
May 18,
2005 |
By: |
/s/ |
Ashish
R. Parikh |
Ashish
R. Parikh | |||
Chief
Financial Officer |
Exhibit |
Description | |
10.1 |
Agreement
of Purchase and Sale, dated as of May 13, 2005, by and between Metro Two
Hotel, LLC and CNR Queens Hospitality, LLC. | |
10.2 |
Purchase
and Sale Agreement, dated as of May 13, 2005, by and between 5544 JFK III
Associates and Metro Sai Hospitality L.L.C. |