Sotherly Hotels receives $38M default notice on Georgian Terrace mortgage loan

Sotherly Hotels Inc.

Received Notice of Default on $38.0M mortgage loan for Georgian Terrace in Atlanta on June 26, 2025.
Subsidiary SOHO Atlanta LLC failed to pay amounts due; lender may seek foreclosure or reconveyance.
Engaged consultant to negotiate loan extension; continuing interest, tax escrow, and reserve payments.
Management states default is maturity default, not cash-flow issue; cites higher interest rates and tighter underwriting.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sotherly Hotels Inc. reported a default on mortgage of approximately $38.0 million with Wilmington Trust, National Association, as Trustee.

Instrument: mortgage
Principal: approximately $38.0 million
Counterparty: Wilmington Trust, National Association, as Trustee
Event: default

Exact text from the filing

except as required pursuant to state law and the loan documents. The Company estimates that the amount of the direct financial obligation, as of July 2, 2025, is approximately $38.0 million. --- EX-99.1 (EX-99.1) --- EX-99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE WEDNESDAY, July 2, 2025 SOTHERLY HOTELS INC. ANNOUNCES NOTICE OF DEFAULT ON MORTGAGE LOAN SECURED BY THE

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Source: SEC EDGAR

accession 0000950170-25-092920

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