SOHO - Sotherly Hotels Inc. Announces Refinancing and Renovation Plans for Philadelphia Hotel | Benzinga
WILLIAMSBURG, Va., May 03, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced that the Company has executed an extension which includes amended mortgage loan terms on its first mortgage with TD Bank, collateralized by the DoubleTree by Hilton Philadelphia Airport in Philadelphia, PA. The interest-only loan, which has been reduced by $3.0 million to $35.9 million, matures in April 2026 and carries a floating interest rate based on SOFR plus 3.5%. As part of the transaction, the Borrower purchased an Interest Rate Cap capping SOFR at 3.0%. The Company also announced that it has entered into a new 10-year franchise agreement with Hilton Worldwide to relicense the ...