Hersha Hospitality Trust (HT) will suspend its quarterly dividend. The owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations had been paying a quarterly dividend of $0.28 per share since 2014.

The dividend suspension is a result of the recent lodging demand shocks stemming from the COVID-19 outbreak, the company states in today's press release. “Since our fourth-quarter earnings call just over three weeks ago, we have experienced an unprecedented pace of transient and group cancellations across our portfolio along with a rapid and pervasive deterioration of forward booking pace related to the outbreak and spread of COVID-19. The demand shock has materially impacted the industry and our portfolio. Although the full impact of the national emergency will become more apparent in the coming weeks, we are working side-by-side with our operators to stem the economic effects of declining revenues. Since this situation is evolving rapidly across all markets, we are unable to provide a clear roadmap regarding the potential impact the COVID-19 outbreak will have on our first-quarter and full-year results,” stated Mr. Jay H. Shah, Hersha’s Chief Executive Officer.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company's 48 hotels totaling 7,644 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. Prior to today's dividend suspension Hersha Hospitality Trust had paid a dividend every year since 1999.