Sotherly Hotels Inc. Announces Acquisition of Condo Hotel Commercial Unit
February 02 2017 - 2:00PM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today
announced that the Company has acquired the hotel commercial unit
of the Hyde Resort & Residences (the “Resort”) located in
Hollywood, Florida for $4.25 million. The hotel commercial unit
consists of the designated lobby and front desk areas, offices, and
other spaces. In addition, the Company entered into a lease for the
400-space parking garage and meeting rooms of the Resort, as well
as an agreement to operate and manage the condominium
association.
The Hyde Resort & Residences is a recently
completed new development in Hollywood, Florida. The 400-unit
condominium-hotel consists of 363 use-restricted units and 37
residences that feature one, two and three bedroom layouts, gourmet
kitchens, floor-to-ceiling glass doors with private terraces and
Atlantic Ocean views. The Resort, designed by Brazilian architect
Debora Aguiar, boasts an elegant double-volume lobby, infinity-end
ocean view pool and sundeck, state-of-the-art fitness center, a
luxurious spa, and chef-driven restaurant.
Drew Sims, Chief Executive Officer of the
Company, commented, “The Hyde Resort & Residences is a
first-class luxury development that we are thrilled to add to the
Sotherly portfolio. Our management team has experience with the
condo-hotel model and we believe it is an attractive opportunity to
turn a modest investment into tremendous value for our
shareholders. In addition, the close proximity of The Hyde and the
Crowne Plaza Hollywood Beach Resort provides for operational
efficiencies and sales and marketing synergies as it presents our
team with a wide variety of product offerings and amenities to
offer our guests. This should benefit both projects and the Company
as a whole.”
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, and
an interest in the Hyde Resort & Residences, a 400-unit luxury
condo-hotel. 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
Vice President – Operations and Investor Relations
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From Sep 2023 to Sep 2024