WILLIAMSBURG, Va., Feb. 02, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”)
today announced that the Company has acquired the hotel commercial unit of the Hyde Resort & Residences (the “Resort”) located in Hollywood, Florida for $4.25 million. The
hotel commercial unit consists of the designated lobby and front desk areas, offices, and other spaces. In addition, the Company
entered into a lease for the 400-space parking garage and meeting rooms of the Resort, as well as an agreement to operate and
manage the condominium association.
The Hyde Resort & Residences is a recently completed new development in Hollywood, Florida. The
400-unit condominium-hotel consists of 363 use-restricted units and 37 residences that feature one, two and three bedroom layouts,
gourmet kitchens, floor-to-ceiling glass doors with private terraces and Atlantic Ocean views. The Resort, designed by Brazilian
architect Debora Aguiar, boasts an elegant double-volume lobby, infinity-end ocean view pool and sundeck, state-of-the-art fitness
center, a luxurious spa, and chef-driven restaurant.
Drew Sims, Chief Executive Officer of the Company, commented, “The Hyde Resort & Residences is a first-class
luxury development that we are thrilled to add to the Sotherly portfolio. Our management team has experience with the condo-hotel
model and we believe it is an attractive opportunity to turn a modest investment into tremendous value for our shareholders. In
addition, the close proximity of The Hyde and the Crowne Plaza Hollywood Beach Resort provides for operational efficiencies and
sales and marketing synergies as it presents our team with a wide variety of product offerings and amenities to offer our guests.
This should benefit both projects and the Company as a whole.”
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 and upper-upscale full-service hotels in the Southern United
States. Currently, the Company’s portfolio consists of investments in twelve hotel properties, comprising 3,011 rooms, and an
interest in the Hyde Resort & Residences, a 400-unit luxury condo-hotel. Most of the Company’s properties operate under the Hilton
Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. 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 Vice President – Operations and Investor Relations Sotherly Hotels Inc. 410 West Francis Street Williamsburg, Virginia 23185 (757) 229-5648
