Sotherly Hotels Inc. Completes Sale of Hampton, Virginia Hotel
February 09 2017 - 4:00PM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced
that it has closed on the sale of the Crowne Plaza Hampton Marina
Hotel (the “Hotel”) in Hampton, Virginia for $5.65 million.
“We are pleased with the sale of the Crowne
Plaza Hampton Marina,” noted Drew Sims, Chairman and Chief
Executive Officer of the Company. “This hotel was identified as an
asset that no longer fit the strategic objectives of the Company.
This disposition allows us to focus additional attention on growing
our core portfolio and creating the most value for our shareholders
over the long-term.”
The Company used proceeds from the sale of the
Hotel to repay the existing first mortgage on the Hotel and intends
to use the remaining proceeds 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 eleven hotel properties, comprising 2,838 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
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648
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