WILLIAMSBURG, Va., June 22, 2015 (GLOBE NEWSWIRE) -- S o THERLY Hotels Inc. (Nasdaq: SOHO ) (the “Company”) today announced the entry into a definitive purchase agreement to acquire the remaining 75.0% interest in the entities that own the 311-room Crowne Plaza™ Hollywood Beach Resort (the “Hotel”) located in Hollywood, Florida. The Company currently owns a 25.0% non-controlling interest in the Hotel through a joint venture with an affiliate of The Carlyle Group. The closing of the acquisition is subject to various customary closing conditions, including third-party requirements.
About S o THERLY Hotels Inc. S o THERLY 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, eleven of which are wholly-owned and comprise 2,698 rooms. The Company also has a 25.0% interest in the Crowne Plaza™ Hollywood Beach Resort. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. S o THERLY 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 Sotherly Hotels Inc. 410 West Francis Street Williamsburg, Virginia 23185 (757) 229-5648