Net Proceeds of $93.9 Million Will be Used to Repay Debt
Sale Price Represents a 283% Total Return on Investment
NEWTON, Mass.–(BUSINESS WIRE)–Hospitality Properties Trust (Nasdaq: HPT) today announced it closed its sale of 2,503,777 shares Class A Common Shares, or Common Shares, of The RMR Group Inc. (Nasdaq: RMR) in an underwritten public offering at a price to the public of $40.00 per Common Share. HPT received $93.9 million in net proceeds after underwriting fees and before other offering expenses that it will use to repay debt.
HPT had a cost basis of $11.52 per Common Share, and with previously received aggregate cash distributions of $4.13 per share, HPT’s total return on investment since purchase on June 8, 2015 is approximately 283% before underwriting fees and other offering expenses.
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 45 states, Washington, DC, Puerto Rico and Canada. HPT’s properties are operated under long term management or lease agreements. HPT is managed by the operating subsidiary of RMR Group Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Katie Strohacker, Senior Director, Investor Relations