Sotherly Hotels, a self-managed and self-administered lodging real estate investment trust (REIT), has announced a new ten-year franchise agreement with Hilton Worldwide to relaunch its hotel in Jacksonville, Florida, US.

The property will be rebranded as a DoubleTree by Hilton, under the name Hotel Bellamy.

According to Sotherly Hotels, the hotel will undergo a comprehensive $14.6m renovation, including a full redesign of guestrooms, public areas, the building’s exterior, pool and sun deck, and food and beverage facilities.

The refurbishment, which is expected to be completed by January 2027, will also introduce a new riverfront dining concept.

Sotherly Hotels has also secured a loan from Fifth Third Bank to support the renovation, with an initial principal balance of around $26.25m and an additional $9.49m for a product improvement plan.

Sotherly Hotels CEO Dave Folsom said: “We are pleased to announce the completed refinance as well as the relaunch plans for our Jacksonville asset. Given the current lending environment, we view the completion of the refinancing of the mortgage loan for this Hotel with Fifth Third Bank as a positive outcome for the company. 

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“The hotel’s direct riverfront location is perfectly suited to reposition the Hotel as the first full-service lifestyle concept in the downtown Jacksonville market. We believe our repositioning strategy, coupled with the strength of the Hilton reservation system, will position the Hotel for success for years to come.”

Headquartered in Williamsburg, Virginia, Sotherly Hotels focuses on the acquisition, renovation, and upbringing of upscale to upper-upscale full-service hotels in the Southern US.

The company’s hotels operate under the Hilton Worldwide, Hyatt Hotels brands and independent hotels.