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Hersha announces $400M credit facility, Q3 earnings

By - Last modified: November 1, 2012 at 11:52 AM

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.

Shares of the company are traded on the New York Stock Exchange under the ticker symbol HT.