Sotherly Hotels amends master agreement with related-party manager Our Town; term extended to March 2035

Sotherly Hotels Inc.

A&R Master Agreement removes minimum NOI guarantee, governance/personnel requirements for Our Town, and management fee advance concept.
Individual hotel management agreements amended to define 'bona fide sale' for termination rights; term extended to March 31, 2035.
Our Town is controlled by Chairman Andrew M. Sims (66.6%), CEO David R. Folsom (6.6%), and VP Andrew M. Sims Jr. (15.0%).
Audit committee approved the related-party aspects; the agreement updates prior 2019 master agreement and its amendments.

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