SoTHERLY Hotels Announces $57M Refinancing  of Crowne Plaza Hollywood Beach Resort

SoTHERLY Hotels

announced today the $57.0 million refinancing of the Crowne Plaza Hollywood Beach Resort in Hollywood Beach, Florida (the “Hotel”). The Company has a 25.0 percent interest in the Hotel through a Joint Venture with the Carlyle Group. The Bank of America Merrill Lynch loan is collateralized by an interest-only non-recourse first mortgage on the Hotel which bears a floating interest rate of the one-month LIBOR rate plus 3.95% and matures in January 2016. The proceeds from the loan were used to repay the existing first mortgage and to make distributions to the Joint Venture partners. The Company used approximately $3.5 million of its share of the distribution proceeds to extinguish its indebtedness