Sotherly Hotels Inc. Announces Refinancing of Savannah Hotel
Sotherly Hotels (NASDAQ: SOHO) has secured a $42.0 million refinancing for its DeSoto Hotel in Savannah, Georgia through Citi Real Estate Funding Inc. The interest-only loan carries a fixed interest rate of 7.13% and matures on October 6, 2030.
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Rhea-AI Summary
Sotherly Hotels (NASDAQ: SOHO) has secured a $42.0 million refinancing for its DeSoto Hotel in Savannah, Georgia through Citi Real Estate Funding Inc. The interest-only loan carries a fixed interest rate of 7.13% and matures on October 6, 2030.
The proceeds will be used to repay the existing first mortgage and for general corporate purposes. This refinancing follows the company's independent lifestyle conversion strategy initiated in 2017, which management claims has created substantial value for both the hotel and shareholders.
Positive
- Secured $42.0 million refinancing with fixed 7.13% interest rate
- Long-term maturity extending to October 2030
- Interest-only loan structure provides payment flexibility
Negative
- None.
Details
News Market Reaction – SOHO
On Sep 18, the first trading day after this news, SOHO closed 9.31% above the previous close.
Data tracked by StockTitan Argus for the Sep 18 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WILLIAMSBURG, Va., Sept. 17, 2025 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that the Company has executed a
“We are pleased to announce the successful refinancing of the historic DeSoto Savannah hotel,” commented Dave Folsom, Chief Executive Officer of the Company. “This refinancing represents the culmination of our repositioning strategy that began with our independent lifestyle conversion in 2017, which has created substantial value for the hotel and our shareholders.”
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.
Contact at the Company: Scott Kucinski Sotherly Hotels Inc. 306 South Henry Street, Suite 100 Williamsburg, Virginia 23185 (757) 229-5648
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