Sotherly Hotels secures $26.25M mortgage, $9.49M renovation tranche, and rebrands to Hotel Bellamy

Sotherly Hotels Inc.

Loan from Fifth Third Bank: $26.25M initial tranche + $9.49M renovation tranche, floating SOFR+3%, 5-year maturity July 8, 2029.
New 10-year Hilton franchise agreement; hotel reflags as DoubleTree by Hilton branded Hotel Bellamy.
Renovation cost ~$14.6M covering guestrooms, public spaces, exterior, pool, F&B, and new riverfront dining; completion expected Jan 2027.
Operating Partnership guarantee reduces to 25% after achieving 1.35x DSCR for two consecutive quarters post-renovation.
CEO Dave Folsom views refinancing as positive outcome; hotel positioned as first full-service lifestyle concept in downtown Jacksonville.

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