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Sotherly Hotels Inc. Completes Sale of Raleigh, NC Hotel, Partially Repays Corporate Debt

Globe Newswire - Tue Jun 14, 2022

WILLIAMSBURG, Va., June 14, 2022 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company has closed on the sale of the DoubleTree by Hilton Raleigh Brownstone in Raleigh, North Carolina for $42.0 million. A portion of the proceeds from the sale were used to repay the first mortgage and repay a majority of the Kemmons Wilson secured note. Remaining proceeds will be used to make any required distribution on the Company’s preferred stock related to maintaining the Company’s REIT status and for general corporate purposes.

Read more at globenewswire.com

Provided Content: Content provided by Globe Newswire. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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