Sotherly Hotels affiliate sells Crowne Plaza Hampton Marina for $5.65M
On October 6, Hampton Hotel Associates, an affiliate of Sotherly Hotels, a Maryland corporation and the sole general partner of Sotherly Hotels LP, a Delaware limited partnership, entered into an agreement to sell the Crowne Plaza Hampton Marina located in Hampton, Virginia to Marina Hotel for a price of $5.65M. The obligations of the Buyer under the agreement are unconditionally guaranteed by Shamin Hotels and Neil Amin, as guarantors. The Company intends to use proceeds from the sale of the Hotel to repay the existing first mortgage on the Hotel and for general corporate purposes. The closing of the sale is subject to various customary closing conditions, including the 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.