Hersha Hospitality Trust (NYSE: HT), owner of upscale and select service hotels in urban gateway markets, announced that the Company has refinanced the outstanding debt on its Capitol Hill Suites located in Washington, D.C. The new $27.5 million loan has a fixed interest rate of 3.79% and is scheduled to mature in February 2015. The loan also maintains a two year extension option which would allow for a February 2017 maturity.
The Capitol Hill Suites is an all-suite boutique hotel centrally located in the Capitol Hill district catering to the needs of this high-demand submarket. The hotel is located a block away from the United States Capitol Complex, the House of Representatives office complex, the United States Supreme Court and the Library of Congress. The 152-room Capitol Hill Suites was acquired in April 2011 for $47.5 million and Hersha is investing another $3 million to significantly upgrade all public areas, add two new meeting rooms, and for some further suite improvements.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust, which owns 80 hotels in major markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami. HT focuses on upscale and mid-priced hotels in urban gateway markets.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the U.S. Securities Exchange Commission and the prospectus supplement and accompanying prospectus relating to the offering.