WILLIAMSBURG, Va., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO ) (the “Company”) announced today that it has entered into a 10-year franchise agreement with Hilton to rebrand its Wilmington, North Carolina hotel (the “Hotel”) as the Hotel Ballast Wilmington, a Tapestry Collection by Hilton hotel. The conversion is scheduled to take place on or before March 31, 2018, subject to the completion of certain product improvement requirements.
Tapestry Collection by Hilton is a portfolio of original upscale hotels that caters to guests seeking reliability and value in their independent hotel choices. Each hotel will maintain its individual spirit, offering guests an experience that is approachable and familiar. In addition, each stay is backed by the reassurance of the Hilton name and award-winning Hilton Honors program – providing guests the best of both worlds.
The new Hotel Ballast will be the latest addition to Sotherly Hotels’ collection of boutique hotels centered on providing local experiences and true Southern hospitality to guests throughout the Southern United States. The Hotel is currently undergoing a $8.5 million renovation effort that includes a total refresh of all areas of the property. Planned guestroom upgrades include hardwood floors, elevated bedding packages, and high-end marble bathroom finishes. Public space design highlights include the addition of a communal library area, an art gallery featuring work by students and alumni of the Savannah College of Art & Design, and the addition of Board and Barrel Coastal Kitchen, an all-new indoor/outdoor riverfront restaurant and bar that will incorporate locally-sourced ingredients and draw inspiration from Southern culinary traditions and coastal flavors. Additionally, the Hotel Ballast lobby will feature Buffalo Bayou, a gourmet-to-go café serving local coffees, teas, and house made light fare.
A landmark in historic downtown Wilmington, the Hotel first opened as an inn in 1970 and was the first constructed along Water Street. With its name inspired by the maritime significance of the destination, Hotel Ballast will provide travelers an ideal location on the Cape Fear waterfront with unobstructed views of the USS North Carolina Battleship as well as access to the Riverwalk, a full mile of boardwalk that boasts some of Wilmington’s best shopping and dining.
Drew Sims, Chief Executive Officer of the Company, commented, “We are pleased to enter into an agreement with Hilton to extend the relationship at our Wilmington, North Carolina asset. This action is consistent with our strategy to rebrand our assets to offer a unique local experience for our guests. In this instance we retain the power of the Hilton reservation system, via its new Tapestry Collection by Hilton, while modifying our product and service to emphasize the history of Wilmington through the application of Southern Hospitality. We believe this will result in an opportunity for higher rates, leading to more profits for our shareholders.”
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 to upper-upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in eleven hotel properties, comprising 2,838 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com .
About Tapestry Collection by Hilton
Tapestry Collection by Hilton (tapestrycollection.com), launched in 2017, is a portfolio of original upscale hotels that caters to guests seeking reliability and value in their independent hotel choices, with each stay backed by the reassurance of the Hilton name and its award-winning Hilton Honors program. Learn more about Hilton’s newest brand at news.tapestrycollection.com and connect with Tapestry Collection by Hilton on facebook.com/tapestrycollection, instagram.com/tapestrycollection and twitter.com/tapestryhilton.
Contact at the Company:
Scott Kucinski Sotherly Hotels Inc. 410 West Francis Street Williamsburg, Virginia 23185 (757) 229-5648
