Sotherly Hotels Inc. Announces Refinancing of Jacksonville Hotel
June 30 2017 - 10:00AM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced that
it successfully executed a $35.5 million secured loan with Wells
Fargo Bank collateralized by a first mortgage on the Doubletree by
Hilton Jacksonville Riverfront Hotel in Jacksonville,
Florida. The loan carries a 7 - year term, a fixed interest
rate of 4.88%, and amortizes on a 30 - year schedule. 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 to
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 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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