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Sotherly Hotels plans at-the-market common, preferred stock sales

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Sotherly Hotels plans at-the-market common, preferred stock sales

Sotherly Hotels Inc. is aiming to sell as much as $5.0 million of its common shares and up to 400,000 shares of its 7.875% series C cumulative redeemable preferred stock in at-the-market offerings from time to time.

The hotel real estate investment trust and its operating partnership on Aug. 31 signed an agreement with Sandler O'Neill & Partners LP as sales agent for the shares.

Additionally, Sotherly Hotels classified and designated 320,000 additional shares of its series C preferred stock and amended its operating partnership agreement to provide for the issuance of up to 320,000 additional units of its 7.825% series C preferred partnership units with a per-unit liquidation preference of $25.00.

Any net proceeds from the aforementioned at-the-market sale of the series C preferred shares will be funneled to the operating partnership in exchange for the same number of series C preferred units, according to an Aug. 31 filing.