30 December 2013
Sotherly Hotels Inc. (NASDAQ: SOHO) said it has entered into a warrant redemption agreement with Essex Illiquid, LLC and Richmond Hill Capital Partners, LP to redeem the remaining portion of the warrant corresponding to an aggregate of 1,000,000 Issuable warrant shares for an aggregate cash redemption price of USD3.975m.
Drew Sims, chief executive officer of the company, said, “The redemption of the remaining portion of the warrant further reduces the dilution exposure for our existing shareholders while also removing the complexity that this derivative has added to our quarterly earnings results.”
Sotherly Hotels, formerly MHI Hospitality Corp., is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale and upper upscale full-service hotels in the Southern United States. The company was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, visit www.sotherlyhotels.com.