GLASTONBURY, CT— Hersha Hospitality Trust has closed on a $9-million first mortgage construction loan for the development of a Homewood Suites by Hilton in Glastonbury, CT. The 136-room property, which is currently under construction, is being developed by PRA, a Philadelphia-based commercial real estate developer and Hershas joint venture partner in the 150-room Hilton Garden Inn Glastonbury. The loan is Hershas second financing transaction with PRA and will be funded during the construction phase. The hotel is expected to open in the second quarter of 2006.
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