SoTHERLY Hotels Inc. Amends Philadelphia Loan
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
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
S^oTHERLY Hotels Inc.
Vice President – Operations and Investor Relations
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