Sotherly Hotels Defaults on Mortgage Loan Secured by Atlanta Hotel

Dow Jones

Jul 03, 2025

By Kelly Cloonan

Sotherly Hotels has defaulted on a mortgage loan secured by its property in Atlanta.

The real estate investment trust said Wednesday it received a notice stating its subsidiary failed to pay all amounts due under the loan, which is secured by the Georgian Terrace hotel.

Wilmington Trust, the current lender, will take all actions it deems appropriate, including seeking foreclosure or reconveyance of its security under the loan without further notice, Sotherly said.

The Williamsburg, Va., company's direct financial obligation under the loan is approximately $38 million as of July 2, it estimates.

Sotherly Hotels has proposed an extension of the loan to the special servicer, the company said. It intends to continue making interest payments, as well as real-estate tax escrow, and required reserve payments in the meantime.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

July 02, 2025 16:23 ET (20:23 GMT)

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