Sotherly Hotels Inc. Announces Closing of Offering of Series C Cumulative Redeemable Perpetual Preferred Stock

WILLIAMSBURG, Va., Oct. 11, 2017 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced it has closed 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 expected net proceeds of approximately $27,955,000 after deducting the underwriting discounts and commissions and estimated offering-related 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 to cover over-allotments, if any, at the public offering price of $25.00 per share. The Series C Preferred Stock has been approved for listing on the NASDAQ under the symbol “SOHOO” and trading is expected to commence within 30 days of closing of the offering.

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Contact at the Company:         
Scott Kucinski
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648