Attached files
file | filename |
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EX-10.51 - EX-10.51 - Sotherly Hotels Inc. | d612953dex1051.htm |
EX-3.7 - EX-3.7 - Sotherly Hotels Inc. | d612953dex37.htm |
EX-3.2E - EX-3.2E - Sotherly Hotels Inc. | d612953dex32e.htm |
8-K - 8-K - Sotherly Hotels Inc. | d612953d8k.htm |
Exhibit 5.1
[Baker & McKenzie LLP letterhead]
August 31, 2018
Sotherly Hotels Inc.
Sotherly Hotels LP
410 W. Francis Street
Williamsburg, Virginia 23185
RE: | At-the-Market Offering of Common Stock and Series C Preferred Stock |
Ladies and Gentlemen:
We have acted as counsel for Sotherly Hotels LP, a Delaware limited partnership (the Operating Partnership), and its sole general partner, Sotherly Hotels Inc., a Maryland corporation (the Company), in connection with the offer and sale by the Company of (a) shares of the Companys common stock, par value $0.01 per share (the ATM Common Stock), having an aggregate gross sales price of up to $5,000,000; and (b) up to 400,000 shares of the Companys 7.875% Series C cumulative redeemable perpetual preferred stock, $0.01 par value per share (the ATM Preferred Stock and together with the ATM Common Stock, the Shares), pursuant to the prospectus included as part of a registration statement on Form S-3 (File Nos. 333-220369 and 333-220369-01), jointly filed on behalf of the Company and the Operating Partnership with the Securities and Exchange Commission (the SEC) pursuant to the Securities Act of 1933, as amended (the Securities Act), on September 7, 2017 and declared effective by the SEC on September 20, 2017 (which, together with the prospectus included therein, shall hereinafter be referred to as the Registration Statement), as supplemented and amended by a prospectus supplement filed on August 31, 2018 pursuant to Rule 424(b)(5) under the Securities Act (the Prospectus Supplement).
The Shares are to be issued and sold by the Company pursuant to a Sales Agency Agreement, dated as of August 31, 2018 (the Sales Agency Agreement), among the Company, the Operating Partnership, and Sandler ONeill & Partners, L.P., as sales agent. Unless otherwise defined herein, each capitalized term used herein that is defined in the Sales Agency Agreement has the meaning given such term in the Sales Agency Agreement.
In reaching the opinions set forth herein, we have reviewed copies of the Sales Agency Agreement, the Registration Statement, including the exhibits thereto, and the Prospectus Supplement, and we have examined the originals, or photostatic or certified copies, of the minutes of the meetings and written resolutions of the Board of Directors (the Board) of the Company as provided to us by the Company, of the Articles of Amendment and Restatement, as amended (the Charter), the Articles Supplementary and by-laws of the Company, each as restated and/or amended to date, and of such other agreements, certificates of public officials and officers of the Company, records, documents and matters of law that we have deemed relevant and necessary as the basis of the opinions set forth below. In such review, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as photostatic or certified copies and the authenticity of the originals of such copies.
We have assumed that the Shares will not be issued in violation of any restriction or limitation contained in Article VII of the Charter and Section 9 of the Articles Supplementary.
Further, we have assumed that no Shares will be sold that would cause the Company to not satisfy the applicable eligibility requirements for use of Form S-3 (including Instruction I.B.6. thereof).
Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly and validly authorized, and when issued and paid for in accordance with the terms of the Sales Agency Agreement, will be validly issued, fully paid and nonassessable.
The opinions expressed above are limited to the laws of the State of Maryland (including all applicable provisions of the Maryland constitution and reported judicial decisions interpreting these laws), and the federal laws of the United States of America as in effect on the date hereof. We undertake no obligation to advise you as a result of developments occurring after the date hereof as a result of facts or circumstances brought to our attention after the date hereof.
This opinion letter is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated. It is understood that this opinion is to be used only in connection with the offer and sale of the Shares while the Registration Statement is in effect. We hereby consent to the filing of this opinion with the SEC as an exhibit to the Current Report on Form 8-K dated August 31, 2018, which is incorporated by reference into the Registration Statement and to the use of our name under the caption Legal Matters in the Registration Statement and the prospectus that forms a part of the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC promulgated thereunder or Item 509 of Regulation S-K.
Very truly yours,
/s/ BAKER & McKENZIE LLP
BAKER & McKENZIE LLP
[TJE /PKD/JAS]