Sotherly Hotels has secured a $35 million loan provided by the MONY Life Insurance Company. The loan is collateralized by a first mortgage on the Hilton Savannah DeSoto Hotel in Savannah, GA. The loan carries a 10 year term with a fixed interest rate of 4.25%, that amortizes on a 25 year schedule after a 1 year interest-only period. Sotherly Hotels used the proceeds to repay the existing first mortgage and to fund the ongoing renovation of the property.
Headquartered in Williamsburg, Virginia, Sotherly Hotels is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, and repositioning of upscale and full-service hotels in the southern United States. The company’s portfolio consists of investments in twelve hotel properties, comprising 3,011 rooms. Most of its properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands.
