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 a first mortgage on Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida. With an interest-only term and fixed rate of 8.49%, this financing will mature on March 6th, 2029 and was used to pay off the previous first mortgage as well as for general corporate purposes.
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.”
Currently boasting ten hotel properties comprising of 2,786 rooms along with interests in two condominium hotels and their associated rental programs,the Company continues its focus on acquiring,rehabilitating,rebranding,and repositioning upscale properties across Southern US regions.
The article “Sotherly Attains $30M Loan on Tampa’s Hotel Alba” originally appeared on Connect CRE.
