Sotherly Hotels Inc. Announces Amendment of Philadelphia Hotel Loan
August 03 2018 - 3:00PM
Sotherly Hotels Inc.
(NASDAQ: SOHO) (the
“Company”) announced that it successfully executed an amendment of
its first mortgage on the Doubletree by Hilton Philadelphia Airport
hotel located in Philadelphia, Pennsylvania. The amended
$42.2 million loan carries a new 5 - year term, a fixed interest
rate of 5.237% pursuant to a separate swap agreement, and amortizes
on a 30-year schedule. The proceeds from the loan were used to
repay in full the existing B-Note on the Hyatt Centric Arlington
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
twelve hotel properties, comprising 3,156 rooms, and an interest in
the Hyde Resort & Residences, a luxury condo hotel. The Company
owns hotels that operate under the Hilton Worldwide, Hyatt Hotels
Corporation, InterContinental Hotels Group and Marriott
International, Inc. brands, as well as independent hotels. 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 StreetWilliamsburg, Virginia 23185 (757) 229-5648
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From Apr 2023 to Apr 2024