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Sotherly Hotels launches public offering of senior notes

Hotel-focused real estate investment trust Sotherly Hotels Inc. and its operating partnership, Sotherly Hotels LP, launched a public offering of an unspecified amount of its senior unsecured notes.

Underwriters are expected to be granted a 30-day overallotment option to buy up to an additional 15% of the notes.

Sotherly Hotels LP plans to use the net proceeds from the offering to partially finance the REIT's roughly $81.0 million acquisition of the Hyatt Centric Arlington hotel in Virginia, as well as for general corporate purposes. The operating partnership has applied to list the notes on the Nasdaq Global Market, according to a release.

Sandler O'Neill + Partners LP and Stephens Inc. are the joint book runners for the offering.