Sotherly Hotels Inc. Completes Sale of Jeffersonville,

WILLIAMSBURG, Va., Feb. 11, 2022 (GLOBE NEWSWIRE) —  Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) introduced that the Company has closed on the sale of the Sheraton Louisville Riverside Hotel (the “Hotel”) in Jeffersonville, Indiana for $11.5 million.

“We are pleased with the completion of the sale of the Sheraton Louisville Riverside Hotel,” famous Dave Folsom, Chief Executive Officer of the Company. “This hotel was identified as an asset that no longer fit the long-term strategic objectives of the Company. We believe the Company garnered an attractive valuation for the asset, which equates to approximately 21.0x EBITDA multiple and 2.5% cap rate based on 2019 results. This disposition will be immediately accretive to our cash flow, meanwhile it will allow the Company to streamline its management efforts and focus on growing its core portfolio in order to maximize value for shareholders.”

About Sotherly Hotels Inc.

Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT targeted on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service inns within the Southern United States. Sotherly can also opportunistically purchase inns all through the United States. Currently, the Company’s portfolio consists of investments in eleven resort properties, comprising 2,976 rooms, in addition to pursuits in two condominium inns and their related rental applications. The Company owns inns that function beneath the Hilton Worldwide, Marriott International, Inc., and Hyatt Hotels Corporation manufacturers, in addition to unbiased inns. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For extra info, please go to www.sotherlyhotels.com.

Contact on the Company:        

Mack Sims        
Sotherly Hotels Inc.
306 South Henry Street, Suite 100
Williamsburg, Virginia 23185        
(757) 229-5648