Intrinsic value of Hersha Hospitality Trust Cl A - HT

Previous Close

$19.13

  Intrinsic Value

$4.99

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

+29%

Previous close

$19.13

 
Intrinsic value

$4.99

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

+29%

Our model is not good at valuating stocks of financial companies, such as HT.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.64
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  467
  503
  541
  581
  622
  664
  708
  754
  802
  852
  904
  958
  1,014
  1,073
  1,134
  1,198
  1,265
  1,334
  1,407
  1,484
  1,563
  1,647
  1,734
  1,826
  1,921
  2,022
  2,127
  2,237
  2,353
  2,474
  2,601
Variable operating expenses, $m
 
  417
  449
  481
  515
  550
  587
  625
  665
  706
  749
  794
  840
  889
  940
  993
  1,048
  1,106
  1,167
  1,230
  1,296
  1,365
  1,438
  1,513
  1,593
  1,676
  1,763
  1,855
  1,950
  2,051
  2,156
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  402
  417
  449
  481
  515
  550
  587
  625
  665
  706
  749
  794
  840
  889
  940
  993
  1,048
  1,106
  1,167
  1,230
  1,296
  1,365
  1,438
  1,513
  1,593
  1,676
  1,763
  1,855
  1,950
  2,051
  2,156
Operating income, $m
  64
  86
  93
  99
  106
  114
  121
  129
  137
  146
  155
  164
  173
  183
  194
  205
  216
  228
  241
  254
  267
  282
  297
  312
  329
  346
  364
  383
  402
  423
  445
EBITDA, $m
  141
  169
  182
  195
  209
  223
  238
  253
  269
  286
  303
  321
  340
  360
  381
  402
  424
  448
  472
  498
  525
  553
  582
  613
  645
  679
  714
  751
  790
  830
  873
Interest expense (income), $m
  42
  40
  44
  48
  52
  57
  61
  66
  71
  76
  81
  87
  93
  99
  105
  112
  119
  126
  133
  141
  149
  158
  167
  176
  186
  197
  207
  219
  230
  243
  256
Earnings before tax, $m
  117
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
  180
  189
Tax expense, $m
  -4
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
Net income, $m
  117
  34
  35
  37
  39
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  114
  120
  125
  131
  138

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  186
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,156
  2,124
  2,284
  2,450
  2,622
  2,802
  2,988
  3,182
  3,384
  3,594
  3,812
  4,040
  4,278
  4,525
  4,784
  5,054
  5,335
  5,630
  5,938
  6,260
  6,596
  6,948
  7,317
  7,703
  8,108
  8,531
  8,975
  9,440
  9,927
  10,438
  10,974
Adjusted assets (=assets-cash), $m
  1,970
  2,124
  2,284
  2,450
  2,622
  2,802
  2,988
  3,182
  3,384
  3,594
  3,812
  4,040
  4,278
  4,525
  4,784
  5,054
  5,335
  5,630
  5,938
  6,260
  6,596
  6,948
  7,317
  7,703
  8,108
  8,531
  8,975
  9,440
  9,927
  10,438
  10,974
Revenue / Adjusted assets
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
Average production assets, $m
  1,815
  1,956
  2,103
  2,256
  2,415
  2,580
  2,751
  2,930
  3,116
  3,309
  3,510
  3,720
  3,939
  4,167
  4,405
  4,653
  4,913
  5,184
  5,467
  5,763
  6,073
  6,398
  6,737
  7,093
  7,465
  7,855
  8,263
  8,692
  9,140
  9,611
  10,104
Working capital, $m
  0
  -200
  -215
  -231
  -247
  -264
  -282
  -300
  -319
  -339
  -360
  -381
  -403
  -427
  -451
  -477
  -503
  -531
  -560
  -590
  -622
  -655
  -690
  -727
  -765
  -805
  -847
  -890
  -936
  -985
  -1,035
Total debt, $m
  1,052
  1,156
  1,263
  1,375
  1,491
  1,611
  1,736
  1,866
  2,001
  2,142
  2,289
  2,442
  2,601
  2,768
  2,941
  3,122
  3,311
  3,509
  3,715
  3,931
  4,157
  4,393
  4,641
  4,900
  5,171
  5,455
  5,753
  6,065
  6,392
  6,735
  7,094
Total liabilities, $m
  1,320
  1,425
  1,532
  1,644
  1,760
  1,880
  2,005
  2,135
  2,270
  2,411
  2,558
  2,711
  2,870
  3,037
  3,210
  3,391
  3,580
  3,778
  3,984
  4,200
  4,426
  4,662
  4,910
  5,169
  5,440
  5,724
  6,022
  6,334
  6,661
  7,004
  7,363
Total equity, $m
  835
  699
  751
  806
  863
  922
  983
  1,047
  1,113
  1,182
  1,254
  1,329
  1,407
  1,489
  1,574
  1,663
  1,755
  1,852
  1,954
  2,059
  2,170
  2,286
  2,407
  2,534
  2,667
  2,807
  2,953
  3,106
  3,266
  3,434
  3,610
Total liabilities and equity, $m
  2,155
  2,124
  2,283
  2,450
  2,623
  2,802
  2,988
  3,182
  3,383
  3,593
  3,812
  4,040
  4,277
  4,526
  4,784
  5,054
  5,335
  5,630
  5,938
  6,259
  6,596
  6,948
  7,317
  7,703
  8,107
  8,531
  8,975
  9,440
  9,927
  10,438
  10,973
Debt-to-equity ratio
  1.260
  1.650
  1.680
  1.710
  1.730
  1.750
  1.770
  1.780
  1.800
  1.810
  1.830
  1.840
  1.850
  1.860
  1.870
  1.880
  1.890
  1.890
  1.900
  1.910
  1.920
  1.920
  1.930
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
Adjusted equity ratio
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  34
  35
  37
  39
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  114
  120
  125
  131
  138
Depreciation, amort., depletion, $m
  77
  83
  89
  96
  102
  109
  117
  124
  132
  140
  149
  158
  167
  177
  187
  197
  208
  220
  232
  244
  257
  271
  285
  301
  316
  333
  350
  368
  387
  407
  428
Funds from operations, $m
  72
  117
  125
  133
  142
  151
  160
  170
  180
  191
  202
  214
  226
  238
  251
  265
  279
  294
  310
  326
  343
  361
  380
  400
  420
  442
  464
  488
  513
  539
  566
Change in working capital, $m
  -15
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
Cash from operations, $m
  87
  131
  140
  149
  158
  168
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  306
  322
  339
  357
  375
  395
  415
  436
  458
  482
  506
  532
  559
  587
  616
Maintenance CAPEX, $m
  0
  -77
  -83
  -89
  -96
  -102
  -109
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232
  -244
  -257
  -271
  -285
  -301
  -316
  -333
  -350
  -368
  -387
  -407
New CAPEX, $m
  -356
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -210
  -219
  -228
  -238
  -248
  -259
  -271
  -283
  -296
  -310
  -324
  -339
  -355
  -372
  -390
  -409
  -428
  -449
  -470
  -493
Cash from investing activities, $m
  150
  -218
  -230
  -242
  -255
  -267
  -281
  -296
  -310
  -325
  -341
  -359
  -377
  -395
  -415
  -435
  -456
  -479
  -503
  -528
  -554
  -581
  -610
  -640
  -673
  -706
  -742
  -778
  -817
  -857
  -900
Free cash flow, $m
  237
  -87
  -90
  -93
  -96
  -100
  -103
  -107
  -110
  -115
  -119
  -123
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -214
  -225
  -235
  -246
  -258
  -271
  -284
Issuance/(repayment) of debt, $m
  -121
  104
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
  189
  198
  207
  216
  226
  236
  247
  259
  271
  284
  298
  312
  327
  343
  359
Issuance/(repurchase) of shares, $m
  113
  16
  17
  17
  17
  17
  18
  18
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  37
  38
Cash from financing (excl. dividends), $m  
  -14
  120
  124
  128
  133
  137
  143
  148
  153
  159
  166
  172
  178
  186
  193
  202
  210
  220
  230
  240
  251
  262
  274
  287
  300
  314
  330
  345
  362
  380
  397
Total cash flow (excl. dividends), $m
  223
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
Retained Cash Flow (-), $m
  -157
  -50
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
Prev. year cash balance distribution, $m
 
  186
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  169
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  156
  -16
  -15
  -14
  -13
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.5
  95.0
  92.8
  90.8
  88.9
  87.2
  85.6
  84.1
  82.6
  81.3
  80.0
  78.9
  77.7
  76.6
  75.6
  74.6
  73.6
  72.7
  71.8
  70.9
  70.0
  69.2
  68.3
  67.5
  66.7
  66.0
  65.2
  64.4
  63.7
  63.0

Hersha Hospitality Trust is a self-advised real estate investment trust (REIT). The Company invests primarily in institutional grade hotels in urban gateway markets, including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and select markets on the West Coast. As of July 20, 2017, the Company's hotels included 51 hotels totaling 7,804 rooms located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The Company’s property brands include Marriott International, Hilton Hotels, Hyatt Hotels, Intercontinental Hotel Group, Wyndham Hotels and Hersha’s Independent Hotel Collection.

FINANCIAL RATIOS  of  Hersha Hospitality Trust Cl A (HT)

Valuation Ratios
P/E Ratio 6.8
Price to Sales 1.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow -3
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 158%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 126%
Total Debt to Equity 126%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin 50.5%
EBITDA Margin - 3 Yr. Avg. 42.1%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 25.1%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 25.1%
Net Profit Margin - 3 Yr. Avg. 16.7%
Effective Tax Rate -3.4%
Eff/ Tax Rate - 3 Yr. Avg. -5.2%
Payout Ratio 55.6%

HT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HT stock intrinsic value calculation we used $467 million for the last fiscal year's total revenue generated by Hersha Hospitality Trust Cl A. The default revenue input number comes from 2016 income statement of Hersha Hospitality Trust Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HT stock valuation model: a) initial revenue growth rate of 7.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for HT is calculated based on our internal credit rating of Hersha Hospitality Trust Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hersha Hospitality Trust Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HT stock the variable cost ratio is equal to 82.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.8% for Hersha Hospitality Trust Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hersha Hospitality Trust Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HT are equal to 388.5%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Hersha Hospitality Trust Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HT is equal to -39.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $835 million for Hersha Hospitality Trust Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41.85 million for Hersha Hospitality Trust Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hersha Hospitality Trust Cl A at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 7.01 20.77  str.buy
MAR Marriott Inter 114.75 591.44  str.buy
H Hyatt Hotels 61.49 17.18  str.sell
HLT Hilton Worldwi 71.13 129.36  str.buy
HPT Hospitality Pr 29.05 4.76  str.sell
RLJ RLJ Lodging Tr 22.38 6.69  str.sell
SBRA Sabra Healthca 21.02 1.59  str.sell
GLPI Gaming&Leisure 37.04 55.64  buy
FCH Felcor Lodging 7.30 0.41  str.sell
CHSP Chesapeake Lod 28.51 4.97  str.sell

COMPANY NEWS

▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Sep-15-17 08:30AM  GlobeNewswire]
▶ [$$] Lodging REITs Could Be Slammed by Hurricane Irma   [Sep-05-17 07:20PM  The Wall Street Journal]
▶ Hersha Hospitality reports 2Q results   [Jul-25-17 11:05PM  Associated Press]
▶ Seeking Value in REITS: Hersha Hospitality Trust   [Jun-23-17 12:36PM  GuruFocus.com]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Jun-01-17 04:01PM  Business Wire]
▶ Adventures in Venezuela With Goldman Sachs   [01:05PM  The Wall Street Journal]
▶ Hersha Hospitality reports 1Q results   [Apr-25-17 05:40PM  Associated Press]
▶ Photos: Rittenhouse hotel debuts $1M in renovations   [Mar-30-17 12:30PM  at bizjournals.com]
▶ Photos: Rittenhouse hotel debuts $1M in renovations   [12:30PM  American City Business Journals]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Mar-13-17 08:00AM  Business Wire]
▶ Hersha Hospitality reports 4Q results   [05:54PM  Associated Press]
▶ REIT Risk: The Lodging Sector Series   [Jan-23-17 07:00AM  at Forbes]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Dec-19-16 08:00AM  Business Wire]
▶ Hersha Hospitality Trust Announces Quarterly Dividend   [Sep-22-16 04:05PM  Business Wire]
▶ A year after opening, Envoy Hotel sells for $71M   [Jul-22-16 10:40AM  at bizjournals.com]
Financial statements of HT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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