Sotherly Hotels, a lodging REIT specializing in upscale to upper-upscale full-service hotels in the Southern United States, has secured a $35 million loan from Citi Real Estate Funding Inc. The loan is backed by Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida and carries an 8.49% fixed interest rate with a maturity date of March 6th, 2029.
According to Sotherly’s Dave Folsom,”This refinancing marks the successful completion of our repositioning strategy for Hotel Alba which resulted in significant value creation for the property and generated over $10 million cash proceeds for our company.”
The company currently holds investments in ten hotel properties totaling 2,786 rooms as well as interests in two condominium hotels and their associated rental programs. With this new financing deal completed,the company can continue its growth strategy focused on acquiring,rehabilitating,and upgrading high-end hotel properties throughout the region.
Overall,this transaction demonstrates Sotherly’s commitment to expanding its portfolio through strategic financial partnerships while creating value for both investors and guests alike.
