SoTHERLY
Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced
today the $57.0 million refinancing of the Crowne Plaza Hollywood Beach
Resort in Hollywood Beach, Florida (the “Hotel”). The Company has a 25.0
percent interest in the Hotel through a Joint Venture with the Carlyle
Group. The Bank of America Merrill Lynch loan is collateralized by an
interest-only non-recourse first mortgage on the Hotel which bears a
floating interest rate of the one-month LIBOR rate plus 3.95% and
matures in January 2016. The proceeds from the loan were used to repay
the existing first mortgage and to make distributions to the Joint
Venture partners. The Company used approximately $3.5 million of its
share of the distribution proceeds to extinguish its indebtedness
related to the Joint Venture.
About SoTHERLY
Hotels Inc.
SoTHERLY
Hotels Inc., formerly MHI Hospitality Corporation, is a self-managed
and self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale and upper upscale
full-service hotels in the Southern United States. Currently, the
Company’s portfolio
consists of investments in eleven hotel properties, ten of which are
wholly-owned and comprise 2,372 rooms. The Company also has a 25.0
percent interest in the Crowne Plaza Hollywood Beach Resort. All of the
Company’s properties operate under the Hilton Worldwide,
InterContinental Hotels Group and Starwood Hotels and Resorts brands. SoTHERLY
Hotels Inc. was organized in 2004 and is headquartered in
Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.
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