Hersha Hospitality Refinances Courtyard Miami Beach
PHILADELPHIA—Hersha Hospitality Trust announced that the company has refinanced the outstanding debt on its Courtyard Miami Beach Oceanfront. READER COMMENTS
The new $60.0 million loan has a fixed interest rate of 4.32 percent and is interest only for the full four-year term. The loan is scheduled to mature in July 2016 and maintains a one year extension option. The initial funding is $45.0 million, with three additional draws of $5.0 million each every 90 days to fund the construction of the new 93-room oceanfront tower.
Hersha Hospitality Trust purchased the 263 room Courtyard Miami Beach Oceanfront and an adjacent beachfront land parcel in November 2011. It is a fully-renovated historic hotel occupying an entire block of oceanfront property and remains the only franchised Marriott hotel in the Miami Beach market. Construction on the new all-suite oceanfront tower began in May 2012 and should be completed in late 2013.