- Sotherly Hotels (NASDAQ:SOHO) +1.5% closed on the sale of the Crowne Plaza Hampton Marina Hotel in Hampton, Virginia for $5.65M.
- The proceeds will be used to repay the existing first mortgage on the Hotel and intends to use the remaining proceeds for general corporate purposes.
- “We are pleased with the sale of the Crowne Plaza Hampton Marina,” noted Drew Sims, Chairman and Chief Executive Officer of the Company. “This hotel was identified as an asset that no longer fit the strategic objectives of the Company. This disposition allows us to focus additional attention on growing our core portfolio and creating the most value for our shareholders over the long-term.”