Preferred Stock Offerings
By Ru Back Packer Staff, updated Sunday, January 28, 10:58 AM
Slide #107. Sotherly Hotels Inc. — Preferred Stock Offering
||Sotherly Hotels Inc. (NASDAQ:SOHOB)
|Date of Pricing:
|Price Per Share:
|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. As of Dec 31 2016, Co.'s portfolio consisted of 12 primarily upscale and upper-upscale hotels located in eight states with an aggregate of 3,011 rooms. 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 MHI Hotels Services, LLC.
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