Hersha Hospitality Trust Provides Additional Update on Portfolio Related to COVID-19
Hersha Hospitality Trust Class A Common Shares of Beneficial Interest (HT)
Last hersha hospitality trust class a common shares of beneficial interest earnings: 2/24 04:15 pm
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Source: GlobeNewswire
- Amends Bank Credit Facility to Access $100 Million -- Obtains Full Covenant Waiver through March 31, 2021 - PHILADELPHIA, April 06, 2020 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced additional actions taken to mitigate COVID-19’s impact on the Company and its operations. At our portfolio hotels these above-property and on-property measures include but are not limited to: Amending the existing Bank Credit Facility and Borrowing Base of Assets to access an additional $100 million on the Company’s $250 million Senior Revolving Line of CreditSuccessfully amending our Bank Credit Facility to obtain waivers on all financial covenants through March 31, 2021 yielding additional operational and financial flexibilityNo changes to the interest rate on the amended credit facilityCorporate level cost containment resulting in more than 2
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