Before the closing, Hersha repaid the first mortgage loan secured by the Courtyard Ewing Hotel and entered into a $9.15 million revolving line of credit secured by a mortgage on the hotel, according to a news release.

Hersha, with corporate offices listed in Harrisburg and Philadelphia, is a self-advised real estate investment trust that owns more than 60 hotels in major urban gateway markets such as New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling more than 9,000 rooms, the release stated.

Shares are traded on the New York Stock Exchange under the ticker symbol HT.