Sotherly Hotels Inc. Announces Refinancing of Raleigh Hotel
July 31 2018 - 10:15AM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced that
it successfully closed an $18.3 million secured loan collateralized
by a first mortgage on the Doubletree by Hilton Raleigh
Brownstone-University hotel in Raleigh, North Carolina. The
loan carries a 4 - year term with a 1 – year extension option, a
floating interest rate of the 1-month LIBOR rate plus 4.00% with
the 1-month LIBOR rate capped at 3.25%, and is interest only. The
loan also includes a future funding option for capital improvements
of up to $5.2 million, subject to the satisfaction of certain
provisions. 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
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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