Sotherly Hotels Inc. Enters Into Agreement to Purchase Condo Hotel Commercial Unit
September 20 2016 - 3:00PM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today
announced that the Company has entered into an agreement (the
“Agreement”) to purchase the hotel commercial unit of the Hyde
Resort & Residences (the “Hotel”) located in Hollywood, Florida
for $4.25 million. The Agreement includes the purchase of the hotel
commercial unit, which consists of the designated lobby and front
desk areas, offices, and other spaces. In addition, the Company
will enter into a lease for the 400-space parking garage and
meeting rooms of the Hotel, as well as an agreement to operate and
manage the condominium association.
The Hyde Resort & Residences is a new
development in Hollywood, Florida slated to open in January 2017.
The 407-unit condominium-hotel consists of 367 use-restricted units
and 40 residences that feature one, two and three bedroom layouts,
gourmet kitchens, floor-to-ceiling glass doors with private
terraces and Atlantic Ocean views. The Resort, designed by
Brazilian architect Debora Aguiar, boasts an elegant double-volume
lobby, infinity-end ocean view pool and sundeck, state-of-the-art
fitness center, a luxurious spa, and chef-driven restaurant.
Residents and guests are able to enjoy The Beach Club adjacent to
the property which is called Hyde Beach Kitchen + Cocktails.
Drew Sims, Chief Executive Officer of the
Company, commented, “The Hyde Resort & Residences is a
first-class luxury development that we are thrilled to add to the
Sotherly portfolio. Our management team has experience with the
condo-hotel model and we believe it is an attractive opportunity to
turn a modest investment into tremendous value for our
shareholders. In addition, the close proximity of The Hyde and the
Crowne Plaza Beach Resort provides for operational efficiencies and
sales and marketing synergies as it presents our team with a wide
variety of product offerings and amenities to offer our guests.
This should benefit both projects and the Company as a whole.”
About Sotherly
Hotels Inc. Sotherly Hotels Inc. is a self-managed
and self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale and
upper-upscale full-service hotels in the Southern United
States. Currently, the Company’s portfolio consists of
investments in twelve hotel properties, comprising 3,011 rooms.
Most of the Company’s properties operate under the Hilton
Worldwide, InterContinental Hotels Group and Starwood Hotels and
Resorts brands. Sotherly Hotels Inc. was organized in 2004 and is
headquartered in Williamsburg, Virginia. For more
information, please visit www.sotherlyhotels.com
Contact at the
Company:
Scott Kucinski Vice President – Operations and Investor
Relations
Sotherly Hotels Inc. 410 West Francis Street Williamsburg,
Virginia 23185 (757) 229-5648
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