Virginia-based Sotherly Hotels has secured a $35.5 million loan to refinance the Doubletree by Hilton Jacksonville Riverfront Hotel in Jacksonville, Florida. The 7 year fixed term instrument has a interest rate of 4.88 percent, and amortizes on a 30 year schedule. The proceeds from the loan were used to repay the existing first mortgage and for general corporate purposes. Sotherly Hotels is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. The company currently has eleven hotel properties, comprising 2,838 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel.
