SoTHERLY Hotels Inc. (Nasdaq:SOHO) (the "Company") announced today that it has entered into a 10-year franchise agreement with Hilton Worldwide to rebrand its Jacksonville, Florida hotel as the DoubleTree by Hilton Jacksonville Riverfront. The Company currently operates the hotel under IHG's Crowne Plaza brand.
The conversion is scheduled to take place on September 1, 2015, subject to the completion of certain product improvement requirements. The hotel is currently undergoing an extensive $5.0 million renovation which commenced in early 2014 and is scheduled for completion in the third quarter 2015.
The 292-room hotel sits on the south bank of the St. Johns River, amidst downtown Jacksonville's San Marco Historic District. The property features 12,000 square feet of meeting space, a Ruth's Chris Steakhouse, and outdoor pool overlooking the city's Riverwalk.
Drew Sims, Chief Executive Officer of the Company, commented, "We are pleased to again partner with Hilton Worldwide in converting our Jacksonville asset to its DoubleTree by Hilton brand. We believe that the brand change, coupled with a freshly renovated product offering, will help drive both top line revenue and bottom line 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 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 percent 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.
SoTHERLY Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.