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Sotherly Hotels extends stock repurchase program

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Sotherly Hotels extends stock repurchase program

Sotherly Hotels Inc.'s board authorized the extension of its stock repurchase program through Dec. 31, 2019.

The stock repurchase program authorized the lodging real estate investment trust to buy up to $10.0 million of its outstanding common stock on the open market or in privately negotiated transactions.

Sotherly had repurchased about $5.9 million of common stock under the repurchase program, as of Dec. 12, leaving a balance of about $4.1 million of common shares that may be repurchased.

The REIT had approximately 14.2 million shares outstanding as of Nov. 5, according to a filing.