SoTHERLY Hotels Inc. Announces Refinancingof Joint Venture Asset
WILLIAMSBURG, Va. -- December 30, 2013
S^oTHERLY 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 S^oTHERLY Hotels Inc.
S^oTHERLY 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. S^oTHERLY Hotels Inc. was organized in 2004 and is
headquartered in Williamsburg, Virginia. For more information, please visit
S^oTHERLY Hotels Inc.
Scott Kucinski, 757-229-5648
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