WILLIAMSBURG, Va., June 29, 2022 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company has modified its existing mortgage loan with Fifth Third Bank secured by the Hotel Alba hotel in Tampa, Florida. The loan modification increased the principal balance to $25.0 million, extended the term by three years with two 1-year extension options, decreased the floating interest rate by 1.0% to SOFR plus 2.75%, and reduced the corporate guaranty. Proceeds from the loan, combined with existing corporate cash, were used to repay of the remainder of the Kemmons Wilson secured note. Including the payoff of the Kemmons Wilson secured note, the Company has reduced the debt obligations from its balance sheet by over $50.0 million during the first half of 2022.
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