Sotherly Hotels extends Philadelphia DoubleTree mortgage maturity to April 29, 2024; negotiating 2-year extension

Sotherly Hotels Inc.

Maturity on the DoubleTree by Hilton Philadelphia Airport mortgage extended from Feb 29 to Apr 29, 2024.
Loan amendment with TD Bank, N.A.; loan continues to be guaranteed by Sotherly Hotels LP.
Non-binding term sheet agreed for a further modification and extension of approximately two additional years.
Short-term extension avoids immediate default while longer-term terms are negotiated.

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