Hersha Hospitality reinstates dividend, 2 1|2 years after revoking it Hersha Hospitality Trust 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 SP 500 has dropped 18.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.