Sotherly Hotels Inc. Announces Refinancing and Relaunch Plans for Jacksonville, FL Hotel

Group 1 - The Company has entered into a new 10-year franchise agreement with Hilton Worldwide to relicense the Hotel as a soft-branded DoubleTree by Hilton under the name Hotel Bellamy [1] - A complete renovation of the Hotel is planned, with an estimated cost of approximately $14.6 million and an expected completion date of January 2027 [1] - Renovation plans include reimagining guestrooms, public spaces, building exterior, pool and sun deck, food and beverage offerings, and adding a new riverfront dining concept [1] Group 2 - Sotherly Hotels Inc. has executed a secured loan with Fifth Third Bank, collateralized by the DoubleTree by Hilton Jacksonville Riverfront hotel, with an initial principal balance of approximately $26.25 million and an additional $9.49 million available for a product improvement plan [3][4] - The loan carries a floating interest rate based on SOFR plus 3.0% [3] - The CEO expressed optimism about the refinancing and relaunch plans, highlighting the hotel's direct riverfront location and the strength of the Hilton reservation system [4] Group 3 - Sotherly Hotels Inc. 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 [4] - The Company's portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs [4] - The Company operates hotels under the Hilton Worldwide and Hyatt Hotels Corporation brands, as well as independent hotels [4]