Hersha Hospitality Trust, an upscale hotel owner with offices in Harrisburg and Philadelphia, has closed on a new unsecured term loan that expands its borrowing capacity to $800 million from $500 million.
The company said it will tap the $300 million term loan to refinance existing debt, as well as for general corporate purposes, including acquisitions and capital expenses.
Hersha has not been as active this year in adding new properties to its portfolio. But in June, Hersha acquired a hotel in Washington, D.C., for $57 million. It also completed a 1-to-4 reverse stock split.
The real estate investment trust focuses on upscale hotels in urban gateway markets. Its portfolio includes 52 hotels in Boston, New York, Philadelphia, Washington, D.C., and select markets on the West Coast and in south Florida.
The company trades its shares on the New York Stock Exchange under the ticker symbol HT.