Milbank LLP represented West Street Strategic Solutions Fund I, L.P. and Broad Street Credit Holdings LLC, each of which is an affiliate of the Merchant Banking business of The Goldman Sachs Group, Inc., in connection with providing debt financing, in the form of unsecured PIK toggle notes, to Hersha Hospitality Trust (NYSE: HT).
Founded in 1984, Hersha Hospitality Trust is a self-advised real estate investment trust in the hospitality sector, which owns and operates upscale hotels in urban gateway markets and coastal destinations, with 36 hotels located in New York, Washington, DC, Boston, Philadelphia, Miami, and select markets on the West Coast. Hersha Hospitality’s property brands include Marriott International, Hilton Hotels, Hyatt Hotels, Intercontinental Hotel Group and Hersha Hospitality’s Independent Hotel Collection.
The Milbank team was led by New York-based Global Leveraged Finance partners Benjamin Miles and Charles Stern with assistance from Capital Markets partner Rod Miller, Real Estate partners Kevin O’Shea and Jonathan Karl, Financial Restructuring partner Lauren Doyle and Tax partner Eschi Rahimi-Laridjani.
