secwatch.observer — SEC 8-K summary
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Issuer:     Sotherly Hotels Inc. (SOHOO)
CIK:        0001301236
Form:       8-K
Filed at:   2023-11-01T23:59:59+00:00
Accession:  0000950170-23-057415
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1301236/000095017023057415/0000950170-23-057415-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1301236/000095017023057415/soho-20231029.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-057415

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