Sotherly defaults on DoubleTree Hollywood’s $49M loan
Sotherly Hotels defaulted on its $49.2 million loan on a Hollywood resort near the ocean. The debt on the 10-story DoubleTree Resort by Hilton Hollywood Beach with 311 keys, at 4000 South Ocean Drive, entered special servicing after missing the Oct. 1 due date to pay off the loan, according to Morningstar Credit and Sotherly’s second quarter Securities and Exchange Commission filing. The recent default comes as Sotherly has been facing past due and impending maturities on some of its hotel loans, prompting the firm to seek extensions from lenders or face hefty paydowns on principal amid a difficult refinancing […]This article originally appeared on The Real Deal. Click here to read the full story.
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