WILLIAMSBURG, Va., Dec. 02, 2016 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) announced that its Board of Directors authorized a stock repurchase program under which the Company may acquire up to $10 million of its outstanding common stock, at the discretion of management. The Company expects to complete the repurchase program prior to December 31, 2017, unless extended by the Board of Directors.

The shares will be purchased pursuant to the program from time to time at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions and may be made pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act, as amended. Under the program, the purchases will be funded from available working capital. There is no guarantee as to the exact number of shares that will be repurchased by the Company and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of November 8, 2016, the Company had approximately 14.9 million shares outstanding.

Drew Sims, CEO and Chairman of the Company, remarked, “The Board’s approval of this program reflects our confidence in the Company’s future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value.”

About Sotherly Hotels Inc. 

Sotherly Hotels Inc. 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. Currently, the Company’s portfolio consists of investments in twelve hotel properties, comprising 3,011 rooms. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com