Sotherly Hotels extends Philadelphia hotel mortgage to Dec 29; SOFR+3.5% rate; gets Q2 2023 covenant waiver

Sotherly Hotels Inc.

Maturity on DoubleTree by Hilton Philadelphia Airport mortgage extended to December 29, 2023 (short-term extension from TD Bank).
Interest rate increased to SOFR plus 3.50% from prior undisclosed rate.
Waiver of non-compliance with financial covenants for period ended June 30, 2023, conditioned on $450,000 increase in reserve account (funded).
Company is in negotiations with lender for further modification and extension of the loan.

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