secwatch.observer — SEC 8-K summary
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Issuer:     Sotherly Hotels Inc. (SOHOO)
CIK:        0001301236
Form:       8-K
Filed at:   2024-11-07T23:59:59+00:00
Accession:  0000950170-24-123250
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024123250/0000950170-24-123250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1301236/000095017024123250/soho-20241031.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-123250

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