SOTHERLY HOTELS INC. : Termination of a Material Definitive Agreement (form 8-K)

Published: 2021-10-15 15:11:04 ET SOHO

Item 1.02 Termination of a Material Definitive Agreement.

On June 17, 2021, Sotherly Hotels Inc., a Maryland corporation (the "Company") and the sole general partner of Sotherly Hotels LP, a Delaware limited partnership, filed a Current Report on Form 8-K disclosing that, on June 15, 2021, Louisville Hotel Associates, LLC (the "Seller"), an affiliate of the Company, entered into a hotel purchase and sale agreement (the "Agreement") to sell the Sheraton Louisville Riverside hotel located in Jeffersonville, Indiana (the "Hotel") to Lockwood Development Partners LLC (the "Buyer") for a purchase price of $11.5 million, including the assumption by the Buyer of the mortgage loan on the hotel. On October 14, 2021, the Seller notified the Buyer that it is terminating the Agreement pursuant to its termination rights under the Agreement.

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