SoTHERLY Hotels Inc. Announces Partial Redemption of Warrant
WILLIAMSBURG, Va. -- October 24, 2013
S^oTHERLY Hotels Inc. (NASDAQ: SOHO) (the“Company”) today announced that the
Company has entered into a Warrant Redemption Agreement with Essex Illiquid,
LLC and Richmond Hill Capital Partners, LP (the “Holders”) to redeem a portion
of the Warrant corresponding to an aggregate of 900,000 Issuable Warrant
Shares for an aggregate cash redemption price of $3.2 million.
The Company also announced that it has entered into an amendment of the
Warrant with the Holders whereby the Holders agreed to extend the holding
period of the Warrant from April 18, 2014 to April 18, 2015.
Drew Sims, Chief Executive Officer of the Company, commented, “The partial
redemption of the Warrant reduces the dilution exposure for our existing
shareholders and buys back potential shares at a very attractive price when
compared to the real value of our assets, both of which are fundamentally
important accomplishments for the Company.”
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.
Director - Investor Relations
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