Sotherly Hotels Inc. announces the restructuring of financing for its Savannah accommodation property
Sotherly Hotels Inc. Secures $42.0 Million Loan for Refinancing
Sotherly Hotels Inc., a self-managed and self-administered lodging REIT based in Williamsburg, Virginia, has announced the execution of a $42.0 million secured loan with Citi Real Estate Funding Inc. The loan, which carries a fixed interest rate of 7.13%, is collateralized by a first mortgage on the DeSoto hotel in Savannah, Georgia.
The refinancing of the DeSoto Savannah hotel is part of Sotherly Hotels Inc.'s repositioning strategy, which began with an independent lifestyle conversion in 2017. This strategy has created substantial value for the DeSoto Savannah hotel and Sotherly Hotels Inc.'s shareholders.
The Company's portfolio consists of investments in ten hotel properties, comprising 2,786 rooms. In addition to these hotels, Sotherly Hotels Inc. also has interests in two condominium hotels and their associated rental programs. The Company focuses on acquiring, renovating, upbranding, and repositioning upscale to upper-upscale full-service hotels in the Southern United States.
Proceeds from the loan were used to repay the existing first mortgage and for general corporate purposes. The loan is an interest-only loan with a principal balance of $42.0 million and matures on October 6, 2030.
It is worth noting that Sotherly Hotels Inc. is not mentioned to have any outstanding loans or loan maturity dates in the provided context. Furthermore, no relevant information was found in the search results about the bank granting the loan to Sotherly Hotels Inc. in September 2025 or the location of the hotel secured by the loan.
For more information about Sotherly Hotels Inc., please visit their website at www.sotherlyhotels.com.
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