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SOHO > SEC Filings for SOHO > Form 8-K on 30-Dec-2013All Recent SEC Filings

Show all filings for SOTHERLY HOTELS INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SOTHERLY HOTELS INC.


30-Dec-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial O


Item 1.01 Entry into a Material Definitive Agreement.

On December 27, 2013, entities jointly owned by Sotherly Hotels Inc. (the "Company"), indirectly through its interests in its operating partnership, Sotherly Hotels LP, and The Carlyle Group entered into a credit and security agreement and other loan documents to secure a $57.0 million non-recourse mortgage (the "Mortgage Loan") on the Crowne Plaza Hollywood Beach Resort in Hollywood, Florida (the "Hotel") with Bank of America, N.A. The Company owns a 25.0% noncontrolling interest in the Hotel through a joint venture with The Carlyle Group.

Pursuant to the loan documents, the Mortgage Loan:

has an initial term of three years (the "Initial Term"), with two 1-year extension options;

bears a floating interest rate of the one-month LIBOR plus 3.95% during the Initial Term;

will bear a floating interest rate of the one-month LIBOR plus 4.20% during the first 1-year extension, if extended;

will bear a floating interest rate of the one-month LIBOR plus 4.45% during the second 1-year extension, if extended;

requires monthly payments of interest only; and

contains limited financial covenants.

The proceeds from the Mortgage Loan were used to repay the existing first mortgage on the Hotel, to pay closing costs, and to make a distribution to the joint venture partners. The Company used approximately $3.5 million of its distribution proceeds to repay the existing loan with The Carlyle Group, and the remainder for general corporate purposes.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.



Item 7.01 Regulation FD Disclosure

On December 30, 2013, the Company issued a press release announcing the refinance of the mortgage loan on the Hotel, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated by reference herein.



Item 9.01 Financial Statements and Exhibits.

(a) Exhibits

99.1 Press Release, dated December 30, 2013 announcing the refinance of the mortgage loan on the Crowne Plaza Hollywood Beach Resort.


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