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By Preferred Stock Channel Staff, updated Monday, January 18, 5:06 PM

Slide #213. Sotherly Hotels Inc. Preferred Stock Offering

Company: Sotherly Hotels Inc. (NASDAQ:SOHOB)
Date announced: 8/15/2016
Shares Offered: 1,610,000
Date of Pricing: 8/16/2016
Price Per Share: $25.00
Preferred Stock Offering Details: Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced that it has commenced an underwritten public offering of shares of its Series B Cumulative Redeemable Perpetual Preferred Stock (the "Series B Preferred Stock"). The Company expects to grant to the underwriters a 30-day option to purchase up to an additional 15% of the Series B Preferred Stock to cover over-allotments, if any. The Company has filed an application to list the Series B Preferred Stock on the NASDAQ under the symbol "SOHOB." -updated 8/16- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced the pricing of its upsized underwritten public offering of 1,610,000 shares of its 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock (the "Series B Preferred Stock") for total expected gross proceeds of approximately $40,250,000 before expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the Series B Preferred Stock to cover over-allotments, if any. The offering is expected to close on or about August 23, 2016, subject to customary closing conditions.

Sotherly Hotels is a self-managed and self-administered lodging real estate investment trust engaged in owning, acquiring, renovating and repositioning hotel properties located in primary markets in the mid-Atlantic and southern U.S. Co. conducts its business through Sotherly Hotels LP, its operating partnership, of which Co. is the general partner. Co. owns approximately 88.8% of the partnership units in the Operating Partnership. All of Co.'s hotels are wholly-owned by subsidiaries of the Operating Partnership, and all are managed on a day to day basis by either MHI Hotels Services, LLC, which does business as Chesapeake Hospitality, or Highgate Hotels, L.P.
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Name:  Sotherly Hotels Inc
Website:  www.mhihospitality.com
Sector:  REITs
 

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