Shearman & Sterling Advises on Term Loan for Hersha Hospitality Trust
Shearman & Sterling represented Citibank, N.A., as administrative agent, and Wells Fargo Bank, N.A., as syndication agent, in connection with a $200 million senior unsecured term loan for Hersha Hospitality Trust (NYSE: HT). The new term loan, together with the company’s existing term loans and revolving line of credit, expands the company’s senior unsecured borrowing capacity from $800 million to $1 billion before taking into account any draws or pay downs.
Hersha Hospitality Trust is a self-advised real estate investment trust in the hospitality sector that owns and operates high-quality upscale hotels in urban gateway markets. The company's 56 hotels, totaling 8,899 rooms, are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast.
The Shearman & Sterling team included partner Malcolm Montgomery (New York-Real Estate) and associates Elizabeth Vinci (New York-Real Estate) and Matthew Tosto (New York-Real Estate).