Piper Sandler lowered the firm’s price target on Sotherly Hotels to $1.50 from $2 and keeps a Neutral rating on the shares. The firm’s updated estimates reflect Q2 results, refinancing of DoubleTree by Hilton Jacksonville Riverfront in July for a new principal of $26M and additional $9.5M available at SOFR +3% from $32M at 4.88%, and upsizing the DeSoto mortgage by $5M in August with fixed rate of 7.5%.
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