SoTHERLY Hotels Inc.
) gained a cent during the regular trading session on Aug 29,
following the announcement of the company's franchise deal with
Hilton Worldwide Holdings Inc. (
) on Aug 28.
In particular, SoTHERLY Hotels inked a 10-year franchise
agreement with the hotelier for rebranding its Jacksonville-based
asset as the DoubleTree by Hilton Jacksonville Riverfront. The
conversion to Hilton took place on Aug 1. This Florida property,
previously known as Crowne Plaza Jacksonville Riverfront, operated
under the Crowne Plaza brand of Intercontinental Hotels Group plc (
The 292-rooms property, comprises 12,000 square feet of meeting
space, is situated amid downtown Jacksonville's San Marco Historic
District. The hotel also has a Ruth's Chris Steakhouse restaurant
of the Ruth's Hospitality Group, Inc. (
). Notably, this hotel is presently undergoing extensive renovation
that is anticipated to complete in the third quarter of next
We are encouraged with rebranding of the Florida-based property.
This coupled with the ongoing refurbishment efforts is expected to
enhance the quality of the asset. In fact, Florida's lodging
industry promises strong prospects.
According to research by the Florida Restaurant and Lodging
Association, the state experienced a 3% year-over-year rise in
tourist visitations to 24.0 million - the largest second quarter
visitation ever experienced in the state. There was also a rise in
visitor spending in Florida. Hence, SoTHERLY Hotels' efforts to
capitalize on growth opportunities through the abovementioned moves
SoTHERLY Hotels, a lodging real estate investment trust (REIT),
acquires, refurbishes and repositions upscale and upper upscale
full-service properties in the Southern region of the U.S. The
company currently has investments in 12 hotels and a 25% stake in
the Crowne Plaza Hollywood Beach Resort.
The company presently carries a Zacks Rank #1 (Strong Buy).
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