# EDGAR Filing Document

**Accession Number:** 0001460559
**File Stem:** 0001420506-25-003392
**Filing Date:** 2025-11
**Character Count:** 19309
**Document Hash:** beedd5f53d0e65bc84cba78c99438aa0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003392.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001420506-25-003392

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sotherly Hotels Inc.
- **CENTRAL INDEX KEY:** 0001301236
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-80544
- **FILM NUMBER:** 251485073

**BUSINESS ADDRESS:**
- **STREET 1:** 306 SOUTH HENRY STREET
- **STREET 2:** SUITE 100
- **CITY:** WILLIAMSBURG
- **STATE:** VA
- **ZIP:** 23185
- **BUSINESS PHONE:** 757-229-5648

**MAIL ADDRESS:**
- **STREET 1:** 306 SOUTH HENRY STREET
- **STREET 2:** SUITE 100
- **CITY:** WILLIAMSBURG
- **STATE:** VA
- **ZIP:** 23185

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sotherly Hotel Inc.
- **DATE OF NAME CHANGE:** 20130416

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MHI Hospitality CORP
- **DATE OF NAME CHANGE:** 20040823
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROLLINS CAPITAL PARTNERS LP
- **CENTRAL INDEX KEY:** 0001460559

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ROLLINS CAPITAL, LLC
- **STREET 2:** 600 CONGRESS STREET, 14TH FLOOR
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 737-224-3260

**MAIL ADDRESS:**
- **STREET 1:** C/O ROLLINS CAPITAL, LLC
- **STREET 2:** 600 CONGRESS STREET, 14TH FLOOR
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

## Ex-99

**<u>Exhibit 99.1</u>**

**JOINT FILING AGREEMENT**

**PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Dated: November 14, 2025

**ROLLINS CAPITAL PARTNERS, LP**

By: Rollins Capital LLC

Its: General Partner

By: <u>/s/ John A. Wright</u>

Name: John A. Wright

Title: Sole Managing Member

**ROLLINS CAPITAL LLC**

By: <u>/s/ John A. Wright</u>

Name: John A. Wright

Title: Sole Managing Member

**ROLLINS CAPITAL MANAGEMENT LLC**

By: <u>/s/ John A. Wright</u>

Name: John A. Wright

Title: Sole Managing Member

**JOHN A. WRIGHT**

<u>/s/ John A. Wright</u>

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Sotherly Hotels Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**83600C103**

*(CUSIP Number)*

**Rollins Capital Partners, LP**<br>600 Congress Ave 14th Fl<br>Austin TX 78701<br>573-239-9015

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/14/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **83600C103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ROLLINS CAPITAL PARTNERS LP** | Name of reporting person<br>**ROLLINS CAPITAL PARTNERS LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1907000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1907000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Based upon 20,490,501 shares of Common Stock of the Issuer outstanding as of August 12, 2025, as disclosed in the Form 10-Q filed by the Issuer with the U.S. Securities and Exchange Commission on August 14, 2025.

Regarding item 14 above: The SEC website indicates that RCM is the only investment adviser.

| **CUSIP No.** | **83600C103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Rollins Capital Management, LLC** | Name of reporting person<br>**Rollins Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1907000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1907000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Based upon 20,490,501 shares of Common Stock of the Issuer outstanding as of August 12, 2025, as disclosed in the Form 10-Q filed by the Issuer with the U.S. Securities and Exchange Commission on August 14, 2025.

| **CUSIP No.** | **83600C103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Rollins Capital, LLC** | Name of reporting person<br>**Rollins Capital, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1907000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1907000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Based upon 20,490,501 shares of Common Stock of the Issuer outstanding as of August 12, 2025, as disclosed in the Form 10-Q filed by the Issuer with the U.S. Securities and Exchange Commission on August 14, 2025.

| **CUSIP No.** | **83600C103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**John A. Wright** | Name of reporting person<br>**John A. Wright** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1907000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1907000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | Aggregate amount beneficially owned by each reporting person<br>**1907000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Based upon 20,490,501 shares of Common Stock of the Issuer outstanding as of August 12, 2025, as disclosed in the Form 10-Q filed by the Issuer with the U.S. Securities and Exchange Commission on August 14, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Sotherly Hotels Inc.

**(c) Address of Issuer's Principal Executive Offices:**
306 South Henry Street, Suite 100, Williamsburg, VA, 23185

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the shares of the Issuer's Common Stock reported herein and shares of the Issuer's Preferred Stock for investment purposes in the ordinary course of business prior to December 31, 2024.  The Reporting Persons acquired such securities because they believed that such securities, when purchased, represented an attractive long-term investment opportunity.

On October 24, 2025, the Issuer, KW Kingfisher LLC, a Delaware limited liability company ("Parent"), and Sparrows Nest LLC, a Maryland limited liability company and wholly owned subsidiary of Parent ("Merger Sub"), entered into an Agreement and Plan of Merger (the "Merger Agreement").  The Merger Agreement provides, upon the terms and subject to the conditions set forth therein, for a merger (the "Merger") between Merger Sub and the Issuer, with the Issuer surviving as a wholly owned subsidiary of Parent and the shares of the Issuer's Common Stock converting into the right to receive a specified cash payment and the shares of the Issuer's Preferred Stock either converting into the right to receive a specified cash payment or remaining outstanding following the Merger.

The Reporting Persons believe that the net value of the Issuer's property portfolio, if operated in a private context, is greater than the announced merger consideration.  Accordingly, the Reporting Persons plan to explore potential alternatives to the Merger, which may include formulating an alternative acquisition proposal (either alone or in partnership with another hotel investor group(s)) and/or initiating discussions with other potential acquirers of the Issuer.  The Reporting Persons may also seek to have discussions with officers and directors of the Issuer or Parent, and/or with other significant stockholders of the Issuer, relating to the Merger and potential alternatives to the Merger.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis, taking into account the Merger Agreement. Depending on various factors including, without limitation, the Issuer's financial position, the terms of the Merger Agreement, a potential superior offer, the market price levels of the Issuer's equity securities, conditions in the securities markets, and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investment in the Issuer as they deem appropriate.

Except as otherwise set forth herein, the Reporting Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D. However, subject to market conditions and in compliance with applicable securities laws, the Reporting Persons reserve the right, at a later date, to take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation: exchanging information with the Issuer, Parent or other third parties; proposing changes in the Issuer's operations, management, board of directors, governance or capitalization; acquiring additional securities of the Issuer or disposing of some or all of the securities beneficially owned by them, in public or private transactions; submitting a competing proposal either alone or in combination with one or more other strategic partners or encouraging others to do so; or otherwise changing the Reporting Persons' intentions with respect to any and all matters referred to in this Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Each of the Reporting Persons may be deemed to beneficially own 1,907,000 shares of Common Stock of the Issuer.  Such amount of beneficial ownership represents approximately 9.3% of the shares of Common Stock outstanding, based on 20,490,501 shares of Common Stock outstanding as of August 12, 2025, based on information disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on August 14, 2025.  RCP is the direct beneficial owner of the shares of Common Stock covered by this statement. RCM is the investment manager of RCP and may be deemed to have indirect beneficial ownership of securities owned by RCP. RC is the general partner of RCP and may be deemed to have indirect beneficial ownership of securities owned by RCP. Mr. Wright is the sole managing member of each of RC and RCM and may be deemed to have indirect beneficial ownership of securities owned by RC and RCM. The filing of this statement should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Act, the beneficial owner of the shares of Common Stock reported herein.

**(b)**
Items 7 through 10 of each of the cover pages of this Schedule 13D are incorporated by reference herein.

**(c)**
No Reporting Person has effected any transactions in the shares of Common Stock in the 60 days preceding the date hereof.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 5 of this Schedule 13D is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ROLLINS CAPITAL PARTNERS LP

**Signature:** Rollins Capital LLC

**Name/Title:** General Partner

**Date:** 11/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Rollins Capital Management, LLC

**Signature:** John A. Wright

**Name/Title:** Sole Managing Member

**Date:** 11/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Rollins Capital, LLC

**Signature:** John A. Wright

**Name/Title:** Sole Managing Member

**Date:** 11/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** John A. Wright

**Signature:** John A. Wright

**Name/Title:** Individual

**Date:** 11/14/2025