Sotherly Hotels Inc. Announces Refinancing of Houston Hotel
October 18 2016 - 4:00PM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced that
it successfully executed a $20.5 million secured loan with
International Bank of Commerce collateralized by a first mortgage
on The Whitehall in Houston, TX. The loan, which provides
initial gross proceeds of $15.0 million with an additional $5.5
million earn-out provision subject to satisfaction of certain
provisions, carries a 5 - year term, a floating interest rate of
the 30-day LIBOR rate plus 3.5% with a 4.0% interest rate floor,
and amortizes on an 18 - year schedule a 2 – year interest-only
period. The proceeds from the loan were used to repay the existing
first mortgage and for general corporate purposes.
About Sotherly
Hotels Inc. Sotherly Hotels Inc. is a self-managed
and self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale and
upper-upscale full-service hotels in the Southern United
States. Currently, the Company’s portfolio consists of
investments in twelve hotel properties, comprising 3,011 rooms.
Most of the Company’s properties operate under the Hilton
Worldwide, InterContinental Hotels Group and Starwood Hotels and
Resorts brands. Sotherly Hotels Inc. was organized in 2004 and is
headquartered in Williamsburg, Virginia. For more
information, please visit www.sotherlyhotels.com
Contact at the Company:
Scott Kucinski
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648
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