Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Wednesday, April 24, 6:17 PM
Slide #313. 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 lodging real estate investment trust that owns, acquires, renovates and repositions upscale and upper-upscale hotel properties located in primary markets in the mid-Atlantic and southern U.S. Co. conducts its business through its subsidiary, Sotherly Hotels LP, its operating partnership (the Operating Partnership), of which it is the general partner. Co.'s portfolio consists of upscale and upper-upscale hotels located in various states and interests in several condominium hotels and their associated rental programs. All of Co.'s hotels are wholly-owned by subsidiaries of the Operating Partnership and are managed on a day-to-day basis by Our Town Hospitality, LLC.
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