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Sotherly Hotels sells Hampton, Virginia hotel for USD 5.65m.

BANKING AND CREDIT NEWS-February 13, 2017-Sotherly Hotels sells Hampton, Virginia hotel for USD 5.65m

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Sotherly Hotels Inc. (NASDAQ: SOHO) has closed on the sale of the Crowne Plaza Hampton Marina Hotel (the "Hotel") in Hampton, Virginia for USD 5.65m, the company said.

The company used proceeds from the sale of the hotel to repay the existing first mortgage on the hotel and intends to use the remaining proceeds for general corporate purposes.

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 eleven hotel properties, comprising 2,838 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. The company was organized in 2004 and is headquartered in Williamsburg, Virginia.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U5VA
Date:Feb 13, 2017
Words:179
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