secwatch.observer — SEC 8-K summary
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Issuer:     Sotherly Hotels Inc. (SOHOO)
CIK:        0001301236
Form:       8-K
Filed at:   2024-07-09T23:59:59+00:00
Accession:  0000950170-24-082298
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024082298/0000950170-24-082298-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024082298/soho-20240708.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-082298

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