The latest announcement is out from Sotherly Hotels (SOHO).
Sotherly Hotels Inc. has announced its successful debt financing for the DoubleTree by Hilton Philadelphia Airport hotel, with a revamped mortgage loan featuring a $35.9 million principal, extended maturity to April 2026, and a floating interest rate. The company made a significant principal payment, bolstered its interest reserve and PIP reserve accounts, and secured an interest rate cap to hedge against potential rate increases. This strategic financial maneuvering is aimed at strengthening the company’s position and ensuring long-term stability.
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