Jeffersonville hotel sold

JEFFERSONVILLE, Ind. (Inside INdiana Business) — Virginia-based Sotherly Hotels Inc. (Nasdaq: SOHO) has completed the sale of the Sheraton Louisville Riverside Hotel in Jeffersonville. The company says the deal is valued at $11.5 million.

Chief Executive Officer Dave Folsom says the hotel was identified as “an asset that no longer fit the long-term strategic objectives” of Sotherly. The hotel was sold to 808 Indiana LLC.

Folsom says the sale will allow Sotherly to “streamline its management efforts and focus on growing its core portfolio in order to maximize value for shareholders.”

In its 2019 full-year earnings report, released in February 2020, Sotherly said it planned to use the proceeds of the sale, which was originally slated to be $13.5 million, to repay the existing mortgage on the hotel and for general corporate purposes.

Sotherly did not specify if any jobs would be affected by the sale.