M&A · Financials · Real Estate Investment Trusts
KSL Capital Partners to acquire Hersha Hospitality Trust
Announced Aug 28, 2023 · Closed Nov 28, 2023
Deal value$1.40BEV $1.40B
Premium60.0%To unaffected price
EV / Adj. EBITDA12.5x3.7x EV / Revenue
ConsiderationAll cash$10.00 per share
Transaction
- Acquirer
- KSL Capital Partners
- Target
- Hersha Hospitality Trust (HT)
- Buyer type
- Private equity
- Offer price per share
- $10.00
- Enterprise value
- $1.40B
- Status
- Closed Nov 28, 2023
Deal protections
- Break fee (target pays)
- $30.0M · 2.1%
- Reverse fee (buyer pays)
- $67.5M · 4.8%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo, Citigroup, Goldman Sachs
Advisors
- To the acquirer
- Wells Fargo, Citigroup
- To the target
- Goldman Sachs
Sector context · Financials
- Comparable deals
- 62 in the prior 24 months
- Premium
- 60.0% vs. 32.0% sector median
- EV / Adj. EBITDA
- 12.5x vs. 23.7x sector median
- Break fee
- 2.1% vs. 3.0% sector median
Timeline
- AnnouncedAug 28, 2023
- Proxy filedSep 22, 2023
- Definitive proxyOct 3, 2023
- Shareholder voteNov 8, 2023
- ClosedNov 28, 2023
Valuation · fairness opinions
Discounted cash flow$6.19$11.81
Premiums paid$7.32$8.08
Offer $10.00
Implied value per Hersha Hospitality Trust share by analysis, from Goldman Sachs · DCF discount rate 9%–11%.