Sotherly Hotels secures $5M second mortgage on DeSoto hotel at 7.5% fixed rate

Sotherly Hotels Inc.

Second mortgage loan of $5.0 million on DeSoto hotel in Savannah, GA, with MONY Life Insurance.
Fixed interest rate of 7.50%, maturity July 1, 2026, 25-year amortization schedule.
Prepayment allowed with premium due; customary covenants and events of default included.
Loan documents entered on August 14, 2024, by affiliates of Sotherly Hotels Inc.

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