SoTHERLY Hotels Inc. Amends Philadelphia Loan Business Wire WILLIAMSBURG, Va. -- April 2, 2014 S^oTHERLY Hotels Inc. (NASDAQ: SOHO) (the“Company”) announced today that the Company has amended the original $30.0 million mortgage secured by its Hilton Philadelphia Airport hotel (the “Hotel”) with its existing lender, TD Bank, N.A. With the amendment, the loan’s principal amount is increased to approximately $34.1 million and its maturity is extended until April 1, 2019. The mortgage’s interest rate will remain equal to the 30-day LIBOR rate plus 3.0%, with a 50 basis point floor on LIBOR. The Company also announced that it has entered into a 10-year franchise agreement with Hilton Worldwide and will convert the Hotel to the DoubleTree by Hilton brand in November 2014, subject to the completion of certain product improvement requirements. 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 twelve hotel properties, eleven of which are wholly-owned and comprise 2,698 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 www.sotherlyhotels.com. Contact: S^oTHERLY Hotels Inc. Scott Kucinski Vice President – Operations and Investor Relations 757-229-5648
SoTHERLY Hotels Inc. Amends Philadelphia Loan
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