SoTHERLY Hotels Acquires Crowne Plaza™ Hollywood Beach Resort in Hollywood, FL for $26.25 million

SoTHERLY Hotels Inc. | August 7, 2015

WILLIAMSBURG, Va., Aug. 07, 2015 -- SoTHERLY Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced that the Company has acquired the remaining 75.0% interest in the entities that own the 311-room Crowne Plaza™ Hollywood Beach Resort (the "Hotel") located in Hollywood, Florida for $26.25 million. The Company previously owned a 25.0% non-controlling interest in the Hotel through a joint venture with an affiliate of The Carlyle Group. As a part of the transaction, the Company assumed the existing $57.0 million first mortgage with Bank of America, N.A. The loan carries a floating interest rate of the 1-month LIBOR rate plus 3.95%, is ...