Williamsburg-based Sotherly Hotels Inc. has entered into an agreement to purchase the hotel part of a Florida development for $4.25 million.
The agreement includes the hotel commercial unit of Hyde Resort & Residences, a condominium-hotel project slated to open in January in Hollywood, Fla. The hotel unit will include the lobby and front desk areas, offices and other spaces.
In addition, the company will lease the hotel’s 400-space parking garage and meeting rooms. Sotherly also will operate and manage the condominium association.
