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Sotherly Hotels LP Launches Public Offering of Senior Unsecured Notes

  Sotherly Hotels LP Launches Public Offering of Senior Unsecured Notes

Business Wire

WILLIAMSBURG, Va. -- September 18, 2013

S^oTHERLY Hotels Inc. (NASDAQ: SOHO) (the “Company”)  today announced that its
Operating Partnership, Sotherly Hotels LP, a Delaware limited partnership (the
“Operating Partnership”), has commenced an underwritten public offering of its
senior unsecured notes (the “Notes”). The Operating Partnership has applied to
list its Notes on the NASDAQ Global Market under the symbol "SOHOL." The
Company expects the Operating Partnership to use a portion of the net proceeds
from the offering to redeem 100% of the outstanding shares of the Company’s
12% series A cumulative redeemable preferred stock (the “Preferred Stock”)
plus any accrued but unpaid dividends and any make-whole amounts or premium
then due and payable on such Preferred Stock. The Company expects the
Operating Partnership to use the remaining net proceeds from the offering, if
any, for general corporate purposes.

Sandler O'Neill + Partners, L.P. is acting as the sole book-runner of the
offering, and Boenning & Scattergood, Inc., Incapital LLC, J.J.B. Hilliard,
W.L. Lyons, LLC, and Ladenburg Thalmann & Co. Inc. are acting as co-managers.
The offering is made only by means of a prospectus. Copies of the preliminary
prospectus can be obtained from Sandler O'Neill + Partners, L.P. at 1251
Avenue of the Americas, 6th Floor, New York, New York 10020, Attention:
Prospectus Department, or by calling toll-free 1-866-805-4128, or by email at

A registration statement, including a prospectus, which is preliminary and
subject to completion, relating to these securities has been filed with the
Securities and Exchange Commission, but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted, prior to the
time that the registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of any offer to buy,
nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or

This disclosure includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the expectations and
assumptions reflected in the forward-looking statements are reasonable, these
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions which are difficult to predict and many of which
are beyond the Company’s control.

Therefore, actual outcomes and results may differ materially from what is
expressed, forecasted or implied in such forward-looking statements. Factors
which could have a material adverse effect on the Company’s future results,
performance and achievements, include, but are not limited to: national and
local economic and business conditions that affect occupancy rates and
revenues at the Company’s hotels and the demand for hotel products and
services; risks associated with the hotel industry, including competition,
increases in wages and other labor costs, energy costs and other operating
costs; the magnitude and sustainability of the economic recovery in the
hospitality industry and in the markets in which the Company operates; the
availability and terms of financing and capital and the general volatility of
the securities markets; risks associated with the level of the Company’s
indebtedness and its ability to meet covenants in its debt agreements and, if
necessary, to refinance or seek an extension of the maturity of such
indebtedness or modify such debt agreements; management and performance of the
Company’s hotels; risks associated with the conflicts of interest of the
Company’s officers and directors; risks associated with redevelopment and
repositioning projects, including delays and cost overruns; supply and demand
for hotel rooms in the Company’s current and proposed market areas; the
Company’s ability to acquire additional properties and the risk that potential
acquisitions may not perform in accordance with expectations; the Company’s
ability to successfully expand into new markets; legislative/regulatory
changes, including changes to laws governing taxation of REITs; the Company’s
ability to maintain its qualification as a REIT; and the Company’s ability to
maintain adequate insurance coverage. These risks and uncertainties are
described in greater detail in the Operating Partnership’s registration
statement, under “Risk Factors” in the Company’s Annual Report on Form 10-K
and subsequent reports filed with the SEC. The Company undertakes no
obligation to and does not intend to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise. Although the Company believes its current expectations to
be based upon reasonable assumptions, it can give no assurance that its
expectations will be attained or that actual results will not differ

About S^oTHERLY Hotels Inc.

S^oTHERLY Hotels Inc., formerly MHI Hospitality Corporation, is a self-managed
and self-administered lodging REIT focused on the acquisition, renovation,
upbranding and repositioning of upscale and upper upscale full-service hotels
in the Southern United States. Currently, the Company’s portfolio consists of
investments in ten hotel properties, nine of which are wholly-owned and
comprise 2,113 rooms. The Company also has a 25.0 percent interest in the
Crowne Plaza Hollywood Beach Resort. All of the Company’s properties operate
under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels
and Resorts brands. S^oTHERLY Hotels Inc.  was organized in 2004 and is
headquartered in Williamsburg, Virginia. For more information, please visit


S^oTHERLY Hotels Inc.
Scott Kucinski
Director - Investor Relations
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