Hersha Hospitality boosts credit facility

|About: Hersha Hospitality Trust (HT)|By:, SA News Editor

The new $500M senior unsecured facility is expandable to $850M and consists of a $250M revolving line and a $250M term loan. It amends and restates Hersha Hospitality Trust's (HT) existing $400M facility.

CFO Ashish Parikh: "The new facility affords the Company greater financial flexibility, extends our debt maturities and reduces our weighted average cost of debt ... We were particularly encouraged by the oversubscription of the facility by the bank group."