secwatch.observer — SEC 8-K summary
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Issuer:     Sotherly Hotels Inc. (SOHOO)
CIK:        0001301236
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0000950170-24-052734
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sotherly Hotels amends Philadelphia loan to $35.9M, extends maturity to 2026
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- Principal reduced $3M to $35.9M; maturity extended to April 2026; floating SOFR+3.5%.
- Interest rate cap purchased: $26M notional, 3.0% strike, expires May 2026.
- New 10-year Hilton franchise agreement; $11.5M renovation to guestrooms, public spaces, exterior by April 2026.
- Company funded $3M principal payment, $0.3M interest reserve ($1.3M total), $5M PIP reserve, and $1.7M cash collateral.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024052734/0000950170-24-052734-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024052734/soho-20240430.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-052734

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