Sotherly Hotels Inc. Announces Refinancing of Wilmington Hotel
December 01 2016 - 4:00PM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced that
it successfully executed a $35.0 million secured loan with MONY
Life Insurance Company collateralized by a first mortgage on the
Hilton Wilmington Riverside Hotel in Wilmington, NC. The loan
carries a 10 - year term, a fixed interest rate of 4.25%, and
amortizes on a 25 - year schedule after a 1 – year interest-only
period. The proceeds from the loan were used to repay the existing
first mortgage and to pay closing costs, to fund the planned
renovation of the hotel, 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 Marriott
International, Inc. 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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