Sotherly Hotels Inc. signed a purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership for $61 million.
January 16, 2014 at 11:00 pm
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Sotherly Hotels Inc. (NasdaqGM:SOHO) signed a purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership for $61 million in cash on January 13, 2014. Sotherly shall deposit $1 million as earnest money and remaining consideration shall be paid at closing. The transaction is subject to various customary closing conditions, including satisfactory completion of a diligence review of the hotel, the accuracy of representations and warranties through closing, and conditions related to the operation and maintenance of the hotel. The transaction is expected to close on or before March 24, 2014 and closing date cannot be extended beyond April 14, 2014.
Sotherly Hotels Inc. signed first amendment to purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership on February 11, 2014. Sotherly Hotels Inc. signed second amendment to purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership on February 21, 2014. Sotherly Hotels Inc. signed third amendment to purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership on March 26, 2014. According to the amendment, services of all employees of hotel shall be terminated.
Jones Lang LaSalle acted as broker for seller. Wells Fargo Bank, N.A. acted as depository for earnest money. Ray Zemanek of Metropolitan Title Insurance Agency, Inc. acted as escrow agent. Thomas J. Egan of Baker & McKenzie LLP and Geoffrey M. White of Frost Brown Todd LLC acted as legal advisors for Sotherly Hotels Inc. William F. Stevens of McKenna Long & Aldridge LLP acted as legal advisor for CSC Georgian Terrace Limited Partnership.
Sotherly Hotels Inc. is a self-managed and self-administered lodging real estate investment trust. The Company is focused on the acquisition, renovation, up branding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. The Company conducts its business through Sotherly Hotels LP, its operating partnership (the Operating Partnership). Its portfolio consists of ten full-service, primarily upscale and upper-upscale hotels located in seven states with an aggregate of 2,786 hotel rooms, and interests in two condominium hotels and their associated rental programs. Its wholly owned properties include The DeSoto; DoubleTree by Hilton Jacksonville Riverfront; DoubleTree by Hilton Laurel; DoubleTree by Hilton Philadelphia Airport; DoubleTree Resort by Hilton Hollywood Beach; Georgian Terrace; Hotel Alba Tampa, Tapestry Collection by Hilton; Hotel Ballast Wilmington, Tapestry Collection by Hilton; Hyatt Centric Arlington and The Whitehall.
Sotherly Hotels Inc. signed a purchase and sale agreement to acquire The Georgian Terrace Hotel from CSC Georgian Terrace Limited Partnership for $61 million.