Welcome to our dedicated page for Sotherly Hotels news (Ticker: SOHO), a resource for investors and traders seeking the latest updates and insights on Sotherly Hotels stock.
Corporate Overview
Sotherly Hotels Inc. (SOHO) is a self-managed and self-administered lodging real estate investment trust (REIT) that has forged a longstanding reputation in the hospitality industry. Specializing in full-service, upscale, and upper-upscale hotel properties, Sotherly Hotels focuses on prime markets in the mid-Atlantic and southern United States. From the outset, the company has embraced a philosophy rooted in service, integrity, and hospitality—a legacy instilled by its founder, Edgar Sims, dating back to 1958. In today’s competitive landscape, Sotherly Hotels distinguishes itself by integrating operational excellence with strategic asset repositioning, ensuring that every property under its portfolio resonates with quality and a distinctive guest experience.
Business Strategy and Revenue Model
At the core of Sotherly Hotels Inc.'s business strategy is the acquisition, renovation, upbranding, and repositioning of full-service hotel properties. The company meticulously selects properties in high-growth markets and transforms them through strategic renovations and operational improvements that align with leading hotel standards. This approach not only enhances guest experiences but also optimizes revenue through multiple channels. Sotherly generates income primarily via:
- Room Rentals: Delivering consistent occupancy rates in prime locations.
- Food and Beverage Services: Operating full-service dining and bar facilities to complement hotel stays.
- Ancillary Services: Including meeting spaces and event hosting that address diverse customer needs.
Portfolio and Market Presence
Sotherly Hotels Inc. has built a robust portfolio comprising high-quality properties that are strategically located in economically vibrant and high-growth markets. With properties spread across Florida, Georgia, Indiana, Maryland, North Carolina, Pennsylvania, Texas, and Virginia, the company leverages geographic diversification as a hedge against regional economic variances. A number of its hotels operate under well-recognized international brand affiliations such as Hilton Worldwide, Starwood Hotels and Resorts, and Intercontinental Hotels Group, which further reinforces its market position and guest attraction capability.
Operational Excellence and Industry Expertise
Emphasizing operational efficiency, Sotherly Hotels Inc. utilizes an integrated management model that allows for direct control and oversight over its properties. This self-managed framework facilitates quicker decision-making and more effective cost controls, which are essential for maintaining competitive margins in the hospitality industry. The company’s approach to renovation and repositioning highlights its deep industry insights, as it aligns interior and exterior improvements with modern hospitality trends while preserving the legacy aspects of each property.
Competitive Position and Differentiation
Within the highly competitive hospitality and REIT sectors, Sotherly Hotels Inc. differentiates itself through a combination of legacy experience and contemporary management practices. The company’s distinctive emphasis on accruing operational improvements, strict cost management, and active portfolio repositioning enhances its ability to capture and retain market share. This is achieved by continually adapting to evolving guest preferences and maintaining a high standard of service and facility quality. Its partnerships with leading hotel brands also provide a reliable foundation for brand recognition and customer trust, setting a benchmark in the upscale lodging segment.
Commitment to Service and Integrity
The foundation of Sotherly Hotels Inc. is built on service excellence and steadfast integrity. Every decision, from the acquisition phase to the operational enhancements, is taken with a keen focus on maintaining high standards of hospitality. This commitment extends to all stakeholders involved, ensuring that the company not only meets the existing market demands but also preserves the core values that have been central to its growth for decades.
Comprehensive Investment in Quality
Sotherly Hotels Inc. operates in a market segment where consistent quality and experience are paramount. The company’s proactive approach in refinancing, lifecycle improvements, and strategic asset repositioning underscores its dedication to long-term operational excellence. While the industry does present challenges—ranging from escalating operational costs to competitive pressures—the company’s diversified strategy and focused management practices allow it to navigate these hurdles effectively. Investors and industry analysts appreciate the clarity of the company’s operational metrics and its exacting standards in both property management and guest services.
Conclusion
In summary, Sotherly Hotels Inc. represents a unique blend of heritage and modern efficiency in the hospitality REIT landscape. With a focus on upscale, full-service hotels in growth-oriented markets, the company leverages its expert management and strategic portfolio enhancements to consistently deliver quality experiences. Its balanced integration of operational acumen, strong brand affiliations, and commitment to integrity positions it as a compelling study in effective asset management within the competitive hotel industry.
Sotherly Hotels (NASDAQ: SOHO) has scheduled its first quarter 2025 earnings release for Tuesday, May 13, 2025, before market opening. The company will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss Q1 2025 results.
Investors can access the conference call via telephone at 833-470-1428 (US) using access code 808300. A webcast option will be available through the Investor Relations section of the company's website. For those unable to attend live, a replay will be accessible until March 20, 2025, by dialing 866-813-9403 with access code 926357.
Sotherly Hotels (NASDAQ: SOHO) reported its Q4 and full-year 2024 financial results. Key highlights include:
Revenue increased to $44.0 million in Q4 2024 from $42.1 million in Q4 2023. Full-year revenue grew 4.6% to $181.9 million. RevPAR for the composite portfolio increased 2.6% to $108.99 in Q4, driven by a 4.1% increase in occupancy to 64.1%, despite a 3.9% decrease in ADR to $170.10.
The company reported a net loss of $3.0 million in Q4 2024, compared to a $2.7 million loss in Q4 2023. Full-year net loss increased 65.4% to $6.7 million. Hotel EBITDA improved to $10.7 million in Q4 and $46.8 million for the full year, up 4.5% from 2023.
The company maintains approximately $28.7 million in cash and cash equivalents, with $319.3 million in outstanding debt at a 5.88% weighted average interest rate.
Sotherly Hotels (NASDAQ: SOHO) has issued an amendment to its previously released 2024 dividend tax classification for Series D preferred shares (CUSIP #83600C509). The amendment was necessary due to incorrect 'paid' and 'record' dates in the February 18, 2025 release. No portion of the dividends declared in 2024 represented foreign taxes or qualified dividend income.
Record holders will receive IRS Form 1099-DIV from Equiniti Trust Company, while shareholders with shares in 'street name' will receive IRS Form 1099 from their respective financial institutions. The tax classifications are based on preliminary results and, while subject to adjustment when filings are completed, no material changes are expected.
Sotherly Hotels (NASDAQ: SOHO) has released its estimated income tax classification for 2024 distributions on its preferred shares Series B, C, and D. The company's dividends are classified as 100% taxable ordinary income and qualify as Section 199A dividends.
For Series B preferred shares, quarterly distributions of $0.50 per share totaled $2.00 annually. Series C preferred shares received $0.492188 quarterly, totaling $1.968752 for the year. Series D preferred shares had quarterly payments of $0.515625, amounting to $2.0625 annually.
No portion of the 2024 dividends represented foreign taxes or qualified dividend income. Shareholders will receive IRS Form 1099-DIV from Equiniti Trust Company for direct holdings, while those with shares in 'street name' will receive forms from their respective financial institutions.
Sotherly Hotels (NASDAQ: SOHO) has scheduled its Fourth Quarter 2024 earnings release and conference call. The company will release financial results before market opening on Thursday, March 13, 2025. A conference call for investors will follow at 10:00 a.m. Eastern Time on the same day.
Investors can access the conference call via telephone at 833-470-1428 (US) using access code 538548. The earnings release will be available on the company's website in the Investors section. A recorded replay will be accessible until March 20, 2025, by dialing 866-813-9403 with access code 963139.
Sotherly Hotels (NASDAQ: SOHO) has declared quarterly cash dividends for its Series B, C, and D Preferred Stock. The company will distribute:
- $0.50 per share (8.0%) for Series B Preferred Stock
- $0.4921875 per share (7.875%) for Series C Preferred Stock
- $0.515625 per share (8.25%) for Series D Preferred Stock
All dividends will be paid on March 14, 2025, to shareholders of record as of February 28, 2025.
Sotherly Hotels reported its Q3 2024 financial results with total revenue increasing to $40.7 million from $39.2 million in Q3 2023. The company's RevPAR increased 4.1% to $107.02, driven by a 7.8% increase in occupancy to 66.3%, despite a 3.4% decrease in ADR to $161.37. However, net loss attributable to common stockholders widened to $5.6 million from $3.9 million in Q3 2023. Hotel EBITDA improved to $8.1 million from $7.6 million. The company secured new mortgage financing for its Jacksonville Doubletree property and experienced impacts from Hurricane Helene at its Hotel Alba in Tampa.
Sotherly Hotels (NASDAQ: SOHO) has declared quarterly cash dividends for its preferred stock series. The company will pay:
- $0.50 per share (8.0% Series B)
- $0.4921875 per share (7.875% Series C)
- $0.515625 per share (8.25% Series D)
All preferred stock dividends will be paid on December 16, 2024, to shareholders of record as of November 29, 2024.
Sotherly Hotels Inc. (NASDAQ: SOHO) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will report its financial results prior to market opening on Tuesday, November 12, 2024. A conference call for investors and interested parties is set for 10:00 a.m. Eastern Time on the same day, where management will discuss the Q3 2024 results.
The earnings release will be available on the company's website at www.sotherlyhotels.com in the Investors section under Financial Information. Interested individuals can access the call by telephone at 833-470-1428 (United States) using access code 033574. A webcast will also be available in the Investor Relations section of the company's website. For those unable to attend the live call, a taped rebroadcast will be accessible until November 19, 2024, by dialing 866-813-9403 with access code 629306.
Sotherly Hotels Inc. (NASDAQ: SOHO) has received a notice from Nasdaq due to its failure to file the Q2 2024 Quarterly Report (Form 10-Q) on time. This puts the company in non-compliance with Nasdaq's continued listing requirements. The delay is due to ongoing evaluations of financial presentations and accounting items. Nasdaq previously granted SOHO an exception until November 18, 2024, to file its Q1 2024 Form 10-Q. The company has until September 4, 2024, to submit an updated compliance plan to Nasdaq. While working to complete the Form 10-Q, SOHO's stock remains listed on the Nasdaq Global Market, but there's no guarantee of maintaining compliance with listing requirements.
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