Lodging REIT 2013 Bond Offering

We served as underwriters counsel on a NASDAQ-listed lodging REIT’s public offering of $27.6 million aggregate principal amount of 8.0% senior unsecured notes due 2018 (includes over-allotment option). Underwriters included Sandler O’Neill (lead managing underwriter); Boenning & Scattergood, Inc.; J.J.B. Hilliard; W.L. Lyons, LLC; Incapital LLC; Ladenburg Thalmann & Co. Inc. (co-managers).