Sotherly Hotels Inc. Enters Into Management Agreement on Hollywood HotelPosted on August 7, 2015 in
FOR IMMEDIATE RELEASE
WILLIAMSBURG, Va., Aug. 07, 2015 (GLOBE NEWSWIRE) — SoTHERLY Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced that the Company has entered into a management agreement with Chesapeake Hospitality to manage the Crowne Plaza Hollywood Beach Resort. The agreement, which has terms consistent with the Company’s other management agreements with Chesapeake Hospitality, includes a reduction in the base management fee from 3.0% of gross revenue to 2.0% of gross revenue, compared to the previous management agreement. The Company estimates that it will save in excess of $200,000 on an annualized basis.
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 and comprise 3,010 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.
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185