Sotherly Hotels Inc. Announces Refinancing of Arlington Hotel
September 18 2018 - 3:08PM
Sotherly Hotels Inc.
(NASDAQ: SOHO) (the
“Company”) announced that it successfully closed a $50.0 million
secured loan collateralized by a first mortgage on the Hyatt
Centric Arlington hotel in Rosslyn, Virginia. The loan
carries a 10 - year term, a fixed interest rate of 5.25%, and
amortizes on a 30 – year schedule. The proceeds from the loan were
used to repay the existing first mortgage, to pay closing costs,
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
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