Hersha Hospitality Trust HT, -0.51% said Monday it is reinstating its dividend, 2 1/2 years after revoking its dividend as a result of the COVID-19 pandemic. The owner of luxury hotels said it will pay a quarterly dividend of 5 cents a share on Oct. 17 to shareholders of record on Sept. 30. “As we highlighted in our latest investor materials, our streamlined portfolio is operating at pre-COVID levels, and we have rightsized the balance sheet with our credit facility refinancing and proceeds from our recent strategic dispositions,” said Chief Executive Jay Shah. The stock, which was still inactive in premarket trading, has gained 6.2% year to date while the S&P 500 SPX, -0.72% has dropped 18.7%.
