Sotherly Hotels plans $57.5 million $25 par notes via Piper Sandler

New York, July 27 – Sotherly Hotels LP intends to sell up to $57.5 million of $25 par senior notes via underwriters Piper Sandler, according to an S-11 filing with the Securities and Exchange Commission.

The operating partnership’s notes will be guaranteed by general partner Sotherly Hotels Inc.

Proceeds will be used to further strengthen the company’s balance sheet, including by repaying $20 million of secured notes plus $9.5 million of accrued interest and make-whole premiums.

Remaining proceeds will be used for general corporate purposes.

The offering will include an over-allotment option.

Sotherly is a Williamsburg, Va. real estate investment trust that owns and operates upscale hotels in the mid-Atlantic and southern United States.

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