The latest update is out from Sotherly Hotels (SOHO).
Sotherly Hotels Inc. has secured a mortgage loan of approximately $26.25 million for the DoubleTree by Hilton Jacksonville Riverfront hotel, with an additional $9.49 million available for renovations. The loan, obtained through Fifth Third Bank, N.A., has a 5-year term and a floating interest rate, with the principal tranche amortizing over 25 years at 7.0% interest, and the renovation tranche requiring only interest payments. The loan includes a partial guarantee by the Operating Partnership, which reduces upon meeting certain financial criteria post-renovation.
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