JACKSONVILLE, FL—SoTHERLY Hotels Inc. reports it plans to reflag its Crowne Plaza Riverfront Jacksonville hotel here as the DoubleTree by Hilton Jacksonville Riverfront.

The Williamsburg, VA-based hotel investment firm has entered into a 10-year franchise agreement with Hilton Worldwide to rebrand the 292-room hotel on the south bank of the St. Johns River as the DoubleTree by Hilton Jacksonville Riverfront. The property also features 12,000 square feet of meeting space, a Ruth's Chris Steakhouse, and an outdoor pool overlooking the city's Riverwalk.

The conversion is scheduled to take place on Sept. 1, 2015, subject to the completion of certain product improvement requirements. The hotel is currently undergoing a $5-million renovation, which began in early 2014 and is scheduled for completion in the third quarter of 2015, SoTHERLY Hotels officials say.

SoTHERLY Hotels CEO Drew Sims says of the planned rebranding, "We are pleased to again partner with Hilton Worldwide in converting our Jacksonville asset to its DoubleTree by Hilton brand. We believe that the brand change, coupled with a freshly renovated product offering, will help drive both top line revenue and bottom line profits for our shareholders."

SoTHERLY Hotels, a self-managed and self-administered lodging REIT, has a portfolio that consists of investments in 12 hotel properties, 11 of which are wholly-owned and comprise 2,698 rooms. The company also has a 25% interest in the Crowne Plaza Hollywood Beach Resort. Most of the company's properties operate under the Hilton Worldwide, InterContinental Hotels Group, and Starwood Hotels and Resorts brands.