WILLIAMSBURG, Va., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) today announced it has closed its underwritten public offering of 1,200,000 shares of its 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock for total expected net proceeds of approximately $27,955,000 after deducting the underwriting discounts and commissions and estimated offering-related expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 180,000 shares of Series C Preferred Stock to cover over-allotments, if any, at the public offering price of $25.00 per share. The Series C Preferred Stock has been approved for listing on the NASDAQ under the symbol “SOHOO” and trading is expected to commence within 30 days of closing of the offering.
The Company contributed the net proceeds from the offering to Sotherly Hotels LP, its operating partnership, which intends to use the net proceeds to redeem in full the operating partnership’s 7.0% Senior Unsecured Notes due 2019 and intends to use remaining net proceeds for general corporate purposes, including potential future acquisitions of hotel properties.
About Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in eleven hotel properties, comprising 2,838 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.