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Sotherly Hotels Inc. Announces Refinancing of Laurel, MD Hotel
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WILLIAMSBURG, Va., May 05, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that the Company has executed a $10.0 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on the DoubleTree by Hilton Laurel in Laurel, Maryland. The interest only loan, which has a principal balance of $10.0 million, matures in May 2028 and carries a fixed interest rate of 7.35%. Proceeds from the loan were used to repay the existing first mortgage and for general corporate purposes.
“We are pleased with the completion of the refinancing for this hotel, which allowed us to realize significant value created through the execution of a streamlined operating strategy,” commented Dave Folsom, Chief Executive Officer of the Company. “We view the favorable loan terms, which include payments nearly identical to the previous loan, as well as the considerable cash proceeds of approximately $2.7 million, as a positive outcome for the Company, particularly in the current lending environment.”
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. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corporation 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.
about sotherly hotels inc.: headquartered in williamsburg, virginia, sotherly hotels inc. is the owner of a portfolio of high-quality, full-service hotels primarily located in the high-growth markets of the southern united states. sotherly hotels is a self-managed and self-administered real estate investment trust (reit) traded on the nasdaq under the symbol soho. sotherly hotels is the next generation in a long history of companies built on a foundation of service, integrity, and hospitality--characteristics instilled by our founder, edgar sims, in 1958. the sotherly portfolio: the sotherly hotels inc. portfolio consists of investments in twelve wholly-owned hotel properties that comprise 3,009 rooms. the company's properties operate under the preferred hotels and resorts, hilton worldwide, starwood hotels and resorts, and intercontinental hotels group brands.