Welcome to interactive presentation, created with Publuu. Enjoy the reading!

ersha Hospitality Trust and KSL

Capital Partners, LLC, have finalized

KSL’s acquisition of the REIT for

approximately $1.4 billion. As of Nov. 28,

Hersha became a private company and

was delisted from the New York Stock


The companies entered a definitive

merger agreement on Aug. 27 under

which affiliates of KSL acquired all of the

outstanding common shares of Hersha for

$10 per share in an all-cash transaction.

The companies filed paperwork with the

Securities and Exchange Commission on

Nov. 28 to make it official.

The independent transaction committee

of Hersha’s board of trustees recommended

the merger and the board unanimously

approved it, according to Hersha. A special

meeting of shareholders was held Nov. 8 to

give final approval to the deal.

The purchase price represents a

premium of approximately 60 percent

over Hersha’s closing share price on Aug.

25, the last full trading day prior to the

initial announcement, according to Hersha.

Hersha shareholders will receive $10 in

cash for each common share they own, and

holders of Hersha’s 6.875 percent Series

C Cumulative Redeemable Preferred

Shares, 6.50 percent Series D Cumulative

Redeemable Preferred Shares and 6.50

percent Series E Cumulative Redeemable

Preferred Shares will receive $25 in cash,

plus any accrued and unpaid dividends to

which they are entitled, for each preferred

share they own.

“This transaction provides our

shareholders with immediate and

certain value at a substantial premium

to our public valuation,” said Jay Shah,

Hersha’s executive chairman. “Following

a multi-year comprehensive review by

the independent transaction committee

of Hersha’s board of trustees, the board

and management team are confident this

step will allow us to deliver value for our

shareholders while refocusing on growing

the business over a longer period of time.”

Hersha owns and operates luxury and

lifestyle hotels in coastal gateway and resort

markets. Its portfolio includes 25 hotels with

3,811 rooms in New York, Washington D.C.,

Boston, Philadelphia, South Florida and


“We are proud of the work our team

has done to build on Hersha’s culture

and capabilities and make the company

what it is today,” Neil Shah, Hersha’s

CEO, said. “This transaction is a result

of our deliberate actions to focus on key

gateway markets and lifestyle and leisure

properties, as well as our work to create

a concentrated portfolio consisting of

some of the highest quality hotels in their

respective markets.”

Hasu Shah, Hersha’s chairman emeritus,

founded the company in 1984 with the

purchase of a single hotel in Harrisburg,

Pennsylvania. In 1998, the company went

public as a REIT.

Hersha, KSL Capital finalize acquisition

The REIT has now gone private, delisted from the NYSE

Hersha Hospitality Trust and KSL Capital Partners,

LLC, have finalized KSL’s acquisition of the REIT

for approximately $1.4 billion. From left are Hersha

Hospitality Trust’s Jay Shah, executive chairman; Neil

Shah, CEO; and Marty Newburger, a partner at KSL

Capital Partners.

wo U.S.-based Asian American hoteliers

are planning to develop a $1.3 billion

luxury J. W. Marriott International resort

in Dubai, United Arab Emirates. The JW Marriott

Al Marjan Island Resort & JW Marriott Residenc-

es Al Marjan Island, which is being developed

by WOW Resorts founded by Bhupender 'Bruce'

Patel and Anwar Ali Aman, is scheduled to open

in 2026.

Patel and Aman held an unveiling ceremony

for the project on Nov. 15 along with Abdulla Al

Abdouli, CEO for Marjan, master-developer of

freehold property in Ras Al Khaimah including

Al Marjan Island, and representatives of JW

Marriot. Designed by Beverly Hills Architect

Tony Ashai with Dubai-based Lead Consultants

Architecture Design Unit, the project will include

524 residences with one to four bedrooms as

well as penthouses, along with 300 guest rooms.

It will have seven dining venues, pools and a

fitness center.

The new WOW Resorts property is near Ras

Al Khaimah International Airport and Dubai

International Airport. Marjan Island Resort in-

cludes four man-made islands with more than 7

kilometers of beaches and several large hotels,

spas and golf courses. The resort expects to

see 5 million visitors annually.

“Our collaboration with JW Marriott and our

venture on Al Marjan Island represents a new

chapter in our journey,” Patel said. “With the

demand for waterfront living on the rise, we

are committed to optimizing and elevating the

experiences of all our cherished guests and resi-

dents as we embark on this remarkable project in

the UAE, set on the enchanting Al Marjan Island,

a prime investment destination in the region.”

Patel and Aman are partners in Memphis-based

White Oak Group, with a portfolio of about 300

businesses including hotels, restaurants and gas

stations across the U.S. Patel’s parents, including

his father Ramesh Motiram Patel, come from the

Indian village of Baben in Gujarat state.

In addition, Patel is co-founder of Wealth

Hospitality, formed in December 2019 along

with his partner Chico Patel. Bruce was Tupelo,

Mississippi-based Fusion Hospitality’s CEO and

Chico was CEO at Ridgeland-based Heritage

Hospitality when the two companies merged in

December. Along with hotels, Wealth Hospi-

tality develops multi-family and assisted living


Asian Americans to develop $1.3 billion resort in Dubai, UAE

The JW Marriott resort, featuring residences and 300

hotel rooms, is scheduled to open in 2026

WOW Resorts, founded by U.S.-based Bhupender

'Bruce' Patel, left in right hand photo, and Anwar

Ali Aman, recently unveiled plans to develop the

JW Marriott Al Marjan Island Resort & JW Marriott

Residences Al Marjan Island for $1.3 million in

Dubai, United Arab Emirates.





1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32