Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 7:49 AM
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Slide #194. Sotherly Hotels Inc. — Preferred Stock Offering
Sotherly Hotels Inc. (NASDAQ:SOHO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced the pricing of its underwritten public offering of 1,200,000 shares of its 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Stock") for total gross proceeds of approximately $30,000,000 before underwriting discounts and commissions and 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 being offered to cover over-allotments, if any, at the public offering price of $25.00 per share of the Series C Preferred Stock. The offering is expected to close on or about October 11, 2017, subject to customary closing conditions. The Company has filed an application to list the Series C Preferred Stock on the NASDAQ under the symbol "SOHOO" and trading is expected to commence within 30 days of closing of the offering.
Sotherly Hotels is a self-managed and self-administered lodging real estate investment trust. Co. owns, acquires, renovates and repositions 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 (the Operating Partnership), of which Co. is the general partner. Co.'s portfolio consists of several 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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Buy (3.00 out of 4)
(ranked lower than approx. 82% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com