SoTHERLY Hotels (SOHO) to Acquire Hyde Resort's Commercial Unit in $4.25M Deal
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Sotherly Hotels Inc. (Nasdaq: SOHO) announced that the Company has entered into an agreement (the “Agreement”) to purchase the hotel commercial unit of the Hyde Resort & Residences (the “Hotel”) located in Hollywood, Florida for $4.25 million. The Agreement includes the purchase of the hotel commercial unit, which consists of the designated lobby and front desk areas, offices, and other spaces. In addition, the Company will enter into a lease for the 400-space parking garage and meeting rooms of the Hotel, as well as an agreement to operate and manage the condominium association.
The Hyde Resort & Residences is a new development in Hollywood, Florida slated to open in January 2017. The 407-unit condominium-hotel consists of 367 use-restricted units and 40 residences that feature one, two and three bedroom layouts, gourmet kitchens, floor-to-ceiling glass doors with private terraces and Atlantic Ocean views. The Resort, designed by Brazilian architect Debora Aguiar, boasts an elegant double-volume lobby, infinity-end ocean view pool and sundeck, state-of-the-art fitness center, a luxurious spa, and chef-driven restaurant. Residents and guests are able to enjoy The Beach Club adjacent to the property which is called Hyde Beach Kitchen + Cocktails.
Drew Sims, Chief Executive Officer of the Company, commented, “The Hyde Resort & Residences is a first-class luxury development that we are thrilled to add to the Sotherly portfolio. Our management team has experience with the condo-hotel model and we believe it is an attractive opportunity to turn a modest investment into tremendous value for our shareholders. In addition, the close proximity of The Hyde and the Crowne Plaza Beach Resort provides for operational efficiencies and sales and marketing synergies as it presents our team with a wide variety of product offerings and amenities to offer our guests. This should benefit both projects and the Company as a whole.”
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