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Sotherly Attains $30M Loan on Tampa’s Hotel Alba – Connect CRE

by | Feb 15, 2024 | 0 comments

Sotherly Hotels has executed a $35 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida. The interest-only loan, which has a principal balance of $35 million, matures on March 6, 2029, and carries a fixed interest rate of 8.49%. Proceeds from the loan were used to repay the existing first mortgage and for general corporate purposes.

Sotherly’s Dave Folsom added, “This refinancing represents the culmination of our repositioning strategy for Hotel Alba which created substantial value for the hotel and resulted in significant cash proceeds of over $10 million to the Company.”

Sotherly Hotels Inc. is a lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in ten hotel properties comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs.

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