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

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SoTHERLY
Hotels (NASDAQ: SOHO) 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

See full press release

Posted-In: News Guidance Financing Management Global

 

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