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Sotherly Hotels LP Launches Public Offering Of Senior Unsecured Notes

S o THERLY Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Operating Partnership, Sotherly Hotels LP, a Delaware limited partnership (the “Operating Partnership”), has commenced an underwritten public offering of its senior unsecured notes (the “Notes”). The Operating Partnership has applied to list its Notes on the NASDAQ Global Market under the symbol "SOHOL." The Company expects the Operating Partnership to use a portion of the net proceeds from the offering to redeem 100% of the outstanding shares of the Company’s 12% series A cumulative redeemable preferred stock (the “Preferred Stock”) plus any accrued but unpaid dividends and any make-whole amounts or premium then due and payable on such Preferred Stock. The Company expects the Operating Partnership to use the remaining net proceeds from the offering, if any, for general corporate purposes.

Sandler O'Neill + Partners, L.P. is acting as the sole book-runner of the offering, and Boenning & Scattergood, Inc., Incapital LLC, J.J.B. Hilliard, W.L. Lyons, LLC, and Ladenburg Thalmann & Co. Inc. are acting as co-managers. The offering is made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from Sandler O'Neill + Partners, L.P. at 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attention: Prospectus Department, or by calling toll-free 1-866-805-4128, or by email at syndicate@sandleroneill.com.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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