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The Associated Press October 18, 2010, 5:31PM ET

Hersha Hospitality offers 21M shares

Hotel owner Hersha Hospitality Trust said Monday that it's offering 21 million shares in a public offering.

The underwriters of the offering have a 30-day option to buy up to 3.15 million more shares to cover overallotments.

The company plans to use the proceeds to repay debt on its revolving line of credit and for general corporate purposes.

The book-running managers are BofA Merrill Lynch, Morgan Stanley, Barclays Capital, Deutsche Bank Securities and Goldman, Sachs & Co. Raymond James and UBS Investment Bank are acting as co-lead managers for the offering.

Hersha shares rose 24 cents, or 4 percent, to end at $6.24.

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