Hotel real estate investment trust Sotherly Hotels Inc. said it entered into an agreement on Feb. 14 to sell the Sheraton-Louisville Riverside hotel in Jeffersonville, Ind., to 808 Indiana LLC for $13.5 million.

Sotherly intends to use proceeds from the sale to repay the existing mortgage on the hotel and for general corporate purposes. The closing of the sale is subject to various customary closing conditions.

In reporting its fourth quarter 2019 results, the REIT added that 10 of its hotel management agreements with Chesapeake Hospitality expired on Jan. 1. It is now required to pay a termination fee of approximately $300,000 by March 30.

The company further said that on Dec. 13, 2019, it entered into a series of agreements with Our Town Hospitality LLC to retain Our Town as the manager of 10 Sotherly hotels. Our Town began managing the hotels Jan. 1.