 WILLIAMSBURG, Va., Dec. 31, 2020 GLOBE NEWSWIRE -- Sotherly Hotels Inc. NASDAQ: SOHO the Company announced today that the Company has entered into a Note Purchase Agreement with affiliates of Kemmons Wilson Hospitality Partners LP and Machine Investment Group for the issuance of certain notes collectively, the Note in an aggregate amount of 20.0 million, with an additional 10.0 million available to draw within the next twelve months, at the Companys option. The Note matures in 3 years and will be payable on or before the maturity date at the rate of 1.47x the principal amount borrowed during the initial 3-year term, with a 1-year extension at Companys option. The Note also carries a 6.0 current interest rate, payable quarterly during the initial 3-year term. Piper Sandler Co. acted as Sotherlys financial advisor. The Company intends to use the net proceeds from the Note to enhance its liquidity position. 