SoTHERLY Acquires Georgian Terrace Hotel

(RTTNews) - SoTHERLY Hotels Inc (SOHO) said Tuesday it has acquired the Georgian Terrace Hotel, an adjacent 698-space parking structure and a 0.6 acre development parcel for $61 million.

The 326-room independent, full-service hotel is located in Atlanta, Georgia's revitalized Midtown business district. The Hotel will be managed by Chesapeake Hospitality.

As a part of the deal, the company closed on a $41.5 million loan with Bank of the Ozarks collateralized by a first mortgage on the Property.

The loan carries a floating interest rate of the 3-month LIBOR rate plus 3.75% with a 4.00% interest rate floor and amortizes on a 25-year schedule following a 12-month interest only period.