Hersha Lands $27.5M Refinance of DC Hotel
Posted February 2, 2012
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PHILADELPHIA - Hersha Hospitality Trust has refinanced the outstanding debt on the 152-key Capitol Hill Suites in Washington, D.C., gaining $27.5 million in a fixed-rate loan.
The new debt carries a 3.79 percent interest rate and February 2015 maturity. The terms include a two-year extension option.
The all-suite boutique is located in the Capitol Hill District, just one block from the U.S. Capitol complex, House of Representatives' office complex, U.S. Supreme Court and Library of Congress. The Philadelphia-based REIT acquired the property in April 2011 for $47.5 million and is investing $3 million into upgrades, including the addition of two meeting rooms.
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