Sotherly Hotels to sell Georgian Terrace parking garage for $17.75M, pay down defaulted mortgage

Sotherly Hotels Inc.

Seller (SOHO Atlanta affiliate) entered agreement to sell parking garage at Georgian Terrace to Banyan Street Capital for $17.75M.
Net proceeds will reduce principal on existing Hotel mortgage, which is in default as previously reported.
Closing expected in Q4 2025; conditions include lender consent, reciprocal easement, governmental approvals, and diligence.
Sale is subject to termination of parking garage agreements/leases and accuracy of reps through closing.

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