Sotherly Hotels Inc. Announces Plans for Wilmington Hotel; To Join Hilton’s Tapestry Collection
17 November 2017 - 5:09AM
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced today
that it has entered into a 10-year franchise agreement with Hilton
to rebrand its Wilmington, North Carolina hotel (the “Hotel”) as
the Hotel Ballast Wilmington, a Tapestry Collection by Hilton
hotel. The conversion is scheduled to take place on or before March
31, 2018, subject to the completion of certain product improvement
requirements.
Tapestry Collection by Hilton is a portfolio of
original upscale hotels that caters to guests seeking reliability
and value in their independent hotel choices. Each hotel will
maintain its individual spirit, offering guests an experience that
is approachable and familiar. In addition, each stay is backed by
the reassurance of the Hilton name and award-winning Hilton Honors
program – providing guests the best of both worlds.
The new Hotel Ballast will be the latest
addition to Sotherly Hotels’ collection of boutique hotels centered
on providing local experiences and true Southern hospitality to
guests throughout the Southern United States. The Hotel is
currently undergoing a $8.5 million renovation effort that includes
a total refresh of all areas of the property. Planned guestroom
upgrades include hardwood floors, elevated bedding packages, and
high-end marble bathroom finishes. Public space design highlights
include the addition of a communal library area, an art gallery
featuring work by students and alumni of the Savannah College of
Art & Design, and the addition of Board and Barrel Coastal
Kitchen, an all-new indoor/outdoor riverfront restaurant and bar
that will incorporate locally-sourced ingredients and draw
inspiration from Southern culinary traditions and coastal flavors.
Additionally, the Hotel Ballast lobby will feature Buffalo Bayou, a
gourmet-to-go café serving local coffees, teas, and house made
light fare.
A landmark in historic downtown Wilmington, the
Hotel first opened as an inn in 1970 and was the first constructed
along Water Street. With its name inspired by the maritime
significance of the destination, Hotel Ballast will provide
travelers an ideal location on the Cape Fear waterfront with
unobstructed views of the USS North Carolina Battleship as well as
access to the Riverwalk, a full mile of boardwalk that boasts some
of Wilmington’s best shopping and dining.
Drew Sims, Chief Executive Officer of the
Company, commented, “We are pleased to enter into an agreement with
Hilton to extend the relationship at our Wilmington, North Carolina
asset. This action is consistent with our strategy to rebrand our
assets to offer a unique local experience for our guests. In this
instance we retain the power of the Hilton reservation system, via
its new Tapestry Collection by Hilton, while modifying our product
and service to emphasize the history of Wilmington through the
application of Southern Hospitality. We believe this will result in
an opportunity for higher rates, leading to more profits for our
shareholders.”
About Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to
upper-upscale full-service hotels in the Southern United States.
Currently, the Company’s portfolio consists of investments in
eleven hotel properties, comprising 2,838 rooms, and an interest in
the Hyde Resort & Residences, a luxury condo hotel. Most of the
Company’s properties operate under the Hilton Worldwide,
InterContinental Hotels Group and Marriott International, Inc.
brands. Sotherly Hotels Inc. was organized in 2004 and is
headquartered in Williamsburg, Virginia. For more information,
please visit www.sotherlyhotels.com.
About Tapestry Collection by Hilton
Tapestry Collection by Hilton
(tapestrycollection.com), launched in 2017, is a portfolio of
original upscale hotels that caters to guests seeking reliability
and value in their independent hotel choices, with each stay backed
by the reassurance of the Hilton name and its award-winning Hilton
Honors program. Learn more about Hilton’s newest brand at
news.tapestrycollection.com and connect with Tapestry Collection by
Hilton on facebook.com/tapestrycollection,
instagram.com/tapestrycollection and
twitter.com/tapestryhilton.
Contact at the Company:
Scott KucinskiSotherly Hotels Inc.410 West
Francis StreetWilliamsburg, Virginia 23185(757) 229-5648
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From Apr 2024 to May 2024
Sotherly Hotels (NASDAQ:SOHO)
Historical Stock Chart
From May 2023 to May 2024