HERSHA RECEIVES $60M REFINANCE LOAN

MIAMI BEACH, FLA. — Hersha Hospitality Trust has refinanced the outstanding debt on the 263-room Courtyard Miami Beach Oceanfront, located at 4101 Collins Ave. in Miami Beach. The $60 million, interest-only loan includes a four-year term and a 4.32 percent interest rate. The initial funding for the loan is $45 million, with three additional draws of $5 million every 90 days to fund the construction of a new, 93-room oceanfront tower. Completion is slated for late 2013.