Hersha announces $400M credit facility, Q3 earnings
Hersha Hospitality Trust announced Wednesday that operating partnership Hersha Hospitality Limited Partnership has received commitments for a $400 million senior unsecured credit facility, according a news release.
The facility, expected to close within 30 days, will replace Hersha’s $250 million senior secured revolving credit facility and is expandable to $550 million, according to the release.
Hersha, with corporate offices listed in Harrisburg and Philadelphia, also reported Wednesday third-quarter net income applicable to common shareholders of about $2.7 million, or 1 cent per diluted share, compared with a loss of about $25 million, or 15 cents per diluted share, in the year-ago period.
Hersha Hospitality Trust is a self-advised real estate investment trust with 64 hotels in major urban gateway markets such as New York, Washington, D.C., Boston, Philadelphia, Los Angeles and Miami, according to a news release.