Sotherly Hotels amends mortgage loan, extends maturity to 2023

By Tali Rackner

Minneapolis, Feb. 27 – Sotherly Hotels Inc. entered into a first amendment to its loan agreement with International Bank of Commerce to revise the terms of the mortgage loan on the Whitehall hotel in Houston, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the maturity date was extended to Feb. 26, 2023, there is a principal balance of $15 with no additional principal available, and the loan amortizes on a 25-year schedule with payments of principal and interest beginning immediately.

Other terms are unchanged.

Sotherly Hotels LP guarantees the loan.

The real estate investment trust is based in Williamsburg, Va.

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