Hersha board approves $75 million stock buyback

PHILADELPHIA (AP) -- Hersha Hospitality Trust's board has approved a $75 million stock buyback.

The real estate investment trust said Thursday that the repurchase program is expected to run through Dec. 31, 2013.

Hersha owns 64 hotels in markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami.

Its stock added 10 cents, or 2.1 percent, to $4.92 in morning trading. The shares have traded in a 52-week range of $4.19 to $5.91.