Hersha Hospitality gets access to $100 million more under revolver

By Marisa Wong

Los Angeles, April 6 – Hersha Hospitality Trust said it amended its existing bank credit facility and borrowing base of assets to access an additional $100 million on its $250 million senior revolving line of credit.

Hersha also amended the credit facility to waive all financial covenants through March 31, 2021 for additional operational and financial flexibility.

The amendment was a measure taken to mitigate Covid-19’s impact on the company and its operations, according to a press release.

No changes were made to the interest rate on the amended credit facility, the company noted.

The Philadelphia-based real estate investment trust owns and operates upscale hotels.

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