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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): November&nbsp;13, 2013 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SOTHERLY HOTELS INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SOTHERLY HOTELS LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Maryland (Sotherly Hotels Inc.)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-32379 (Sotherly Hotels Inc.)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>20-1531029 (Sotherly Hotels Inc.)</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>Delaware (Sotherly Hotels LP)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>001-36091 (Sotherly Hotels LP)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>20-1965427 (Sotherly Hotels LP)</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>410 W. Francis Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Williamsburg, Virginia 23185 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(757) 229-5648 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address,
including Zip Code and Telephone Number, including Area Code, of Principal Executive Offices) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Acquisition of Crowne Plaza Houston Downtown Hotel
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;13, 2013, Sotherly Hotels LP (the &#147;Operating Partnership&#148;), the limited partnership through which Sotherly Hotels Inc., as
sole general partner (the &#147;Company&#148; and, together with the Operating Partnership and subsidiaries of the Operating Partnership, &#147;we&#148; and &#147;our&#148;), owns its assets and conducts its operations, and the Operating
Partnership&#146;s wholly-owned subsidiary, Sotherly-Houston GP LLC, a Delaware limited liability company (&#147;Sotherly-Houston&#148;), entered into contracts (as described below, collectively, the &#147;Purchase Agreements&#148;) to acquire 100%
of the partnership interests of Houston Hotel Associates Limited Partnership, L.L.P., a Virginia limited liability partnership (&#147;HHA&#148;) for aggregate consideration of approximately $30.65 million in cash, plus an additional amount for
HHA&#146;s working capital as of the closing date, and the issuance to MHI Hotels, L.L.C., a Virginia limited liability company (&#147;MHI Hotels&#148;), of 32,929 units of limited partnership interests in the Operating Partnership (the &#147;HHA
Acquisition&#148;). HHA is the sole owner of the entity that indirectly owns a 259-room hotel in Houston, Texas known as the Crowne Plaza Houston Downtown Hotel (the &#147;Hotel&#148;). The transaction includes approximately 1.438 acres of land
located in Houston, Texas, the improvements located thereon consisting of the Hotel, all personal property and equipment owned by the entity that owns the Hotel and all permits and licenses owned or transferable by that entity as described in the
Purchase Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the General Partnership Interest Sale and Purchase Agreement (the &#147;HHA GP Interest Agreement&#148;), entered into
between Sotherly-Houston and Boston Resources Limited on November&nbsp;13, 2013, Sotherly-Houston purchased from Boston Resources Limited its 99% general partnership interest in HHA for a purchase price of approximately $30.65 million, plus an
additional amount for HHA&#146;s working capital as of the closing date. The Operating Partnership is the sole member of Sotherly-Houston. The HHA GP Interest Agreement is attached to this current report on Form 8-K as Exhibit 10.44 and is
incorporated by reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Exchange Agreement (the &#147;HHA LP Interest Agreement&#148;), entered into between the Operating
Partnership and MHI Hotels on November&nbsp;13, 2013<B>, </B>the Operating Partnership purchased from MHI Hotels its 1% limited partnership interest in HHA in exchange for 32,929 units of limited partnership interests in the Operating Partnership,
such units being equivalent to approximately $153,636.36 as determined by a formula set forth in the HHA LP Interest Agreement. The HHA LP Interest Agreement is attached to this current report on Form 8-K as Exhibit 10.45 and is incorporated by
reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary description of the Purchase Agreements and the transactions contemplated thereby is not intended to be complete
and is qualified in its entirety by the complete text of the Purchase Agreements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Material Relationships Aspect of the Transaction </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MHI Hotels was the sole limited partner of HHA and held 1% of the total partnership interests of HHA (the &#147;HHA LP Interest&#148;). The indirect equity
owners of MHI Hotels include the Company&#146;s Chief Executive Officer, Andrew M. Sims, and a member of the Company&#146;s Board of Directors, Kim E. Sims. The Operating Partnership acquired the HHA LP Interest from MHI
</P>
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Hotels in exchange for limited partnership interests in the Operating Partnership. MHI Hotels Services LLC manages the operations of the Hotel pursuant to a management agreement, dated
June&nbsp;1, 1999, with the entity that owns the Hotel. The current term of the management agreement runs through June&nbsp;1, 2014, but may be extended for an additional five-year period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston Resources Limited is an affiliate of the Cheong Family which owns units in the Operating Partnership and shares of the Company&#146;s common stock.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Entry into Mortgage Loan Agreement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
November&nbsp;13, 2013, we entered into a Loan Agreement and other loan documents to secure a $21.5 million mortgage (the &#147;Mortgage Loan&#148;) on the Hotel with Mutual of Omaha Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the loan documents, the Mortgage Loan: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">has a maturity date of April&nbsp;12, 2016, with an option to extend the loan for 18 months and an option to extend the loan for an additional 12 months, each option subject to certain criteria; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">carries a fixed interest rate of 4.5% amortized on a 25-year schedule; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">is subject to prepayment penalties if the loan is prepaid during the first 24 months; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">is guaranteed by the Company. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The loan proceeds were used to finance the HHA Acquisition, including the pay
off of an existing mortgage loan held by Boston Resources Limited. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Completion of Acquisition or Disposition of Assets. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;13, 2013, we completed the HHA
Acquisition. The disclosure required by this item is included in Item&nbsp;1.01 and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03 Creation of a
Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure required by this item is included
in Item&nbsp;1.01 and is incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;14, 2013, the Company issued a press release announcing the
acquisition of the Crowne Plaza Houston Downtown Hotel, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein. </P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Exhibits </P>
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<TD VALIGN="top" NOWRAP>10.44</TD>
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<TD VALIGN="top">General Partnership Interest Sale and Purchase Agreement between Boston Resources Limited and Sotherly-Houston GP LLC, dated as of November&nbsp;13, 2013.</TD></TR>
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<TD VALIGN="top" NOWRAP>10.45</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Exchange Agreement between MHI Hotels, L.L.C. and Sotherly Hotels LP, dated as of November 13, 2013.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release dated November 14, 2013 announcing the acquisition of the Crowne Plaza Houston Downtown Hotel.</TD></TR>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;14, 2013 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>SOTHERLY HOTELS INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew M. Sims</P></TD></TR>
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<TD VALIGN="top">Andrew M. Sims</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>SOTHERLY HOTELS LP</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"><B>by its General Partner,</B></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"><B>SOTHERLY HOTELS INC.</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew M. Sims</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Andrew M. Sims</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit List </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.44</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">General Partnership Interest Sale and Purchase Agreement between Boston Resources Limited and Sotherly-Houston GP LLC, dated as of November&nbsp;13, 2013.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.45</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Exchange Agreement between MHI Hotels, L.L.C. and Sotherly Hotels LP, dated as of November 13, 2013.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Press Release dated November 14, 2013 announcing the acquisition of the Crowne Plaza Houston Downtown Hotel.</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "d629195d8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 26615}]
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 13, 2013
SOTHERLY HOTELS INC.
SOTHERLY HOTELS LP
(Exact Name of Registrant as Specified in its Charter)
Maryland (Sotherly Hotels Inc.)
001-32379 (Sotherly Hotels Inc.)
20-1531029 (Sotherly Hotels Inc.)
Delaware (Sotherly Hotels LP)
001-36091 (Sotherly Hotels LP)
20-1965427 (Sotherly Hotels LP)
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
410 W. Francis Street
Williamsburg, Virginia 23185
(757) 229-5648
(Address,
including Zip Code and Telephone Number, including Area Code, of Principal Executive Offices)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
Acquisition of Crowne Plaza Houston Downtown Hotel
On November 13, 2013, Sotherly Hotels LP (the "Operating Partnership"), the limited partnership through which Sotherly Hotels Inc., as
sole general partner (the "Company" and, together with the Operating Partnership and subsidiaries of the Operating Partnership, "we" and "our"), owns its assets and conducts its operations, and the Operating
Partnership's wholly-owned subsidiary, Sotherly-Houston GP LLC, a Delaware limited liability company ("Sotherly-Houston"), entered into contracts (as described below, collectively, the "Purchase Agreements") to acquire 100%
of the partnership interests of Houston Hotel Associates Limited Partnership, L.L.P., a Virginia limited liability partnership ("HHA") for aggregate consideration of approximately $30.65 million in cash, plus an additional amount for
HHA's working capital as of the closing date, and the issuance to MHI Hotels, L.L.C., a Virginia limited liability company ("MHI Hotels"), of 32,929 units of limited partnership interests in the Operating Partnership (the "HHA
Acquisition"). HHA is the sole owner of the entity that indirectly owns a 259-room hotel in Houston, Texas known as the Crowne Plaza Houston Downtown Hotel (the "Hotel"). The transaction includes approximately 1.438 acres of land
located in Houston, Texas, the improvements located thereon consisting of the Hotel, all personal property and equipment owned by the entity that owns the Hotel and all permits and licenses owned or transferable by that entity as described in the
Purchase Agreements.
Pursuant to the General Partnership Interest Sale and Purchase Agreement (the "HHA GP Interest Agreement"), entered into
between Sotherly-Houston and Boston Resources Limited on November 13, 2013, Sotherly-Houston purchased from Boston Resources Limited its 99% general partnership interest in HHA for a purchase price of approximately $30.65 million, plus an
additional amount for HHA's working capital as of the closing date. The Operating Partnership is the sole member of Sotherly-Houston. The HHA GP Interest Agreement is attached to this current report on Form 8-K as Exhibit 10.44 and is
incorporated by reference herein.
Pursuant to the Exchange Agreement (the "HHA LP Interest Agreement"), entered into between the Operating
Partnership and MHI Hotels on November 13, 2013
,
the Operating Partnership purchased from MHI Hotels its 1% limited partnership interest in HHA in exchange for 32,929 units of limited partnership interests in the Operating Partnership,
such units being equivalent to approximately $153,636.36 as determined by a formula set forth in the HHA LP Interest Agreement. The HHA LP Interest Agreement is attached to this current report on Form 8-K as Exhibit 10.45 and is incorporated by
reference herein.
The foregoing summary description of the Purchase Agreements and the transactions contemplated thereby is not intended to be complete
and is qualified in its entirety by the complete text of the Purchase Agreements.
Material Relationships Aspect of the Transaction
MHI Hotels was the sole limited partner of HHA and held 1% of the total partnership interests of HHA (the "HHA LP Interest"). The indirect equity
owners of MHI Hotels include the Company's Chief Executive Officer, Andrew M. Sims, and a member of the Company's Board of Directors, Kim E. Sims. The Operating Partnership acquired the HHA LP Interest from MHI
2
Hotels in exchange for limited partnership interests in the Operating Partnership. MHI Hotels Services LLC manages the operations of the Hotel pursuant to a management agreement, dated
June 1, 1999, with the entity that owns the Hotel. The current term of the management agreement runs through June 1, 2014, but may be extended for an additional five-year period.
Boston Resources Limited is an affiliate of the Cheong Family which owns units in the Operating Partnership and shares of the Company's common stock.
Entry into Mortgage Loan Agreement
On
November 13, 2013, we entered into a Loan Agreement and other loan documents to secure a $21.5 million mortgage (the "Mortgage Loan") on the Hotel with Mutual of Omaha Bank.
Pursuant to the loan documents, the Mortgage Loan:
•
has a maturity date of April 12, 2016, with an option to extend the loan for 18 months and an option to extend the loan for an additional 12 months, each option subject to certain criteria;
•
carries a fixed interest rate of 4.5% amortized on a 25-year schedule;
•
is subject to prepayment penalties if the loan is prepaid during the first 24 months; and
•
is guaranteed by the Company.
The loan proceeds were used to finance the HHA Acquisition, including the pay
off of an existing mortgage loan held by Boston Resources Limited.
Item 2.01
Completion of Acquisition or Disposition of Assets.
On November 13, 2013, we completed the HHA
Acquisition. The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.
Item 2.03 Creation of a
Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure required by this item is included
in Item 1.01 and is incorporated herein by reference.
Item 7.01
Regulation FD Disclosure.
On November 14, 2013, the Company issued a press release announcing the
acquisition of the Crowne Plaza Houston Downtown Hotel, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
3
Item 9.01
Financial Statements and Exhibits.
(a) Exhibits
10.44
General Partnership Interest Sale and Purchase Agreement between Boston Resources Limited and Sotherly-Houston GP LLC, dated as of November 13, 2013.
10.45
Exchange Agreement between MHI Hotels, L.L.C. and Sotherly Hotels LP, dated as of November 13, 2013.
99.1
Press Release dated November 14, 2013 announcing the acquisition of the Crowne Plaza Houston Downtown Hotel.
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: November 14, 2013
SOTHERLY HOTELS INC.
By:
/s/ Andrew M. Sims
Andrew M. Sims
Chief Executive Officer
SOTHERLY HOTELS LP
by its General Partner,
SOTHERLY HOTELS INC.
By:
/s/ Andrew M. Sims
Andrew M. Sims
Chief Executive Officer
5
Exhibit List
10.44
General Partnership Interest Sale and Purchase Agreement between Boston Resources Limited and Sotherly-Houston GP LLC, dated as of November 13, 2013.
10.45
Exchange Agreement between MHI Hotels, L.L.C. and Sotherly Hotels LP, dated as of November 13, 2013.
99.1
Press Release dated November 14, 2013 announcing the acquisition of the Crowne Plaza Houston Downtown Hotel.
6