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SoTHERLY Hotels Inc. Announces ATMEquity Offering

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SoTHERLY Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced today that it has filed a prospectus supplement with the Securities and Exchange Commission (the “SEC”) and entered into a Sales Agency Agreement with its operating partnership, Sotherly Hotels LP (the “Operating Partnership”), and Sandler O'Neill & Partners, L.P., as the sales agent, under which it may, from time to time, sell up to $23.4 million of its common stock pursuant to an “at-the-market” equity offering program. The common stock may be offered and sold through Sandler O'Neill at market prices or as otherwise agreed to with Sandler O'Neill. The Company has no obligation to sell any of the common stock under the Sales Agency Agreement, and may at any time suspend solicitation and offers.

The Company, through its Operating Partnership, intends to use the net proceeds from this offering for the repayment of outstanding indebtedness, acquisition of additional hotels, capital expenditures, the improvement of hotels in the Company's portfolio, working capital and other general purposes.

The shares of common stock will be offered under the Company's existing effective shelf registration statement. A prospectus supplement and related base prospectus describing the terms of the offering have been filed with the SEC. Before you invest, you should read the prospectus supplement and the related base prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the at-the-market offering program. You may obtain the prospectus supplement and the related base prospectus on the SEC website at or the sales agent will arrange to send you the prospectus supplement and the related base prospectus if you request it by contacting Sandler O'Neill & Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at 1-866-805-4128.

This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to sell any security of the Company, nor will there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus supplement and related base prospectus.

Posted-In: News Offerings Press Releases


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