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.
Sotherly Hotels Inc. (NASDAQ: SOHO), headquartered in Williamsburg, Virginia, is a self-managed and self-administered real estate investment trust (REIT) that specializes in owning and operating high-quality, full-service hotels primarily situated in the high-growth markets of the southern United States. Founded by Edgar Sims in 1958, Sotherly Hotels Inc. has built a reputation for service, integrity, and hospitality.
The company's portfolio consists of twelve wholly-owned hotel properties with a total of 3,009 rooms. These properties operate under renowned brands such as Preferred Hotels and Resorts, Hilton Worldwide, Starwood Hotels and Resorts, and InterContinental Hotels Group. Sotherly Hotels Inc. focuses on acquiring, renovating, and repositioning upscale and upper-upscale hotel properties in primary markets across the mid-Atlantic and southern United States.
Sotherly generates revenue through various channels including rooms, food, beverages, and other services. The company has a significant presence in regions such as Florida, Georgia, Indiana, Maryland, North Carolina, Pennsylvania, Texas, and Virginia. As of September 30, 2023, Sotherly Hotels Inc. had approximately $29.4 million in available cash and cash equivalents, with outstanding debt principal balances totaling approximately $320.8 million.
Despite challenges posed by the COVID-19 pandemic, Sotherly Hotels Inc. has reported improvements in key performance metrics. The company's wholly-owned portfolio showed a 1.7% increase in RevPAR over pre-pandemic levels, with a 15.0% rise in ADR. The company continues to see growth in group and business travel segments, although occupancy levels have not yet returned to pre-pandemic figures, presenting long-term upside potential.
In recent developments, Sotherly Hotels Inc. has extended the maturity date of its mortgage on the DoubleTree by Hilton Philadelphia Airport hotel. The maturity date has been extended to April 29, 2024, with an interest rate set at SOFR plus 3.50%. This extension also includes a waiver of non-compliance with financial covenants for the period ended June 30, 2023.
The company remains optimistic about future demand trends and profitability. With a strategic focus on margin preservation and enhancement, Sotherly Hotels Inc. aims to navigate upcoming challenges in the commercial mortgage markets through refinancing and extending existing mortgages.
Sotherly Hotels Inc. is committed to maintaining its qualification as a REIT while continuing to explore opportunities for expansion and acquisition. The company conducts regular earnings calls and webcasts to keep investors and stakeholders informed about its financial performance and strategic initiatives.
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.
Sotherly Hotels (NASDAQ: SOHO) reported its Q2 2024 financial results, showing mixed performance. Total revenue increased to $50.7 million from $49.0 million year-over-year. However, net income attributable to common stockholders fell to $2.6 million from $3.1 million a year earlier. For the first half of 2024, revenue reached $97.2 million, up from $92.5 million in H1 2023, but net income decreased 23.1% to $2.0 million. Hotel EBITDA grew to $15.7 million in Q2 2024 from $14.8 million in Q2 2023. Adjusted FFO rose to $7.5 million, a 6.7% increase. RevPAR climbed 4.3% to $137.67 due to a 5.8% rise in occupancy, though ADR dropped 1.4%. The company declared dividends for its Series B, C, and D preferred shares, payable on September 16, 2024. CEO Dave Folsom highlighted challenges in ADR and noted the company's efforts in mortgage refinancings and expense management.
Sotherly Hotels Inc. (NASDAQ: SOHO) has announced quarterly cash dividends for its Series B, C, and D Preferred Stock. The Board of Directors has authorized the following payments:
- Series B (8.0%): $0.50 per share
- Series C (7.875%): $0.4921875 per share
- Series D (8.25%): $0.515625 per share
All dividends will be paid on September 16, 2024, to shareholders of record as of August 30, 2024. This announcement demonstrates Sotherly Hotels' commitment to providing regular returns to its preferred stockholders.
Sotherly Hotels Inc. (NASDAQ: SOHO) has announced its schedule for the second quarter 2024 earnings release and conference call. The company will report financial results before the market opens on Tuesday, August 13, 2024. A conference call for investors and interested parties is set for 10:00 a.m. Eastern Time on the same day. Management will discuss the Q2 2024 results during the call.
Participants can access the call by dialing 833-470-1428 (United States) and entering access code 441747. A webcast will also be available on the company's website. For those unable to attend, a taped rebroadcast will be accessible until August 27, 2024, by dialing 866-813-9403 with access code 636280.
Sotherly Hotels (NASDAQ: SOHO) has announced a secured loan with Fifth Third Bank for its DoubleTree by Hilton Jacksonville Riverfront hotel. The loan includes an initial principal balance of $26.25 million with an additional $9.49 million available for improvements. Additionally, Sotherly has signed a 10-year franchise agreement with Hilton Worldwide to rebrand the hotel as Hotel Bellamy. A complete renovation, costing $14.6 million, is planned, covering guest rooms, public spaces, and more, with completion expected by January 2027. CEO Dave Folsom highlighted that the refinance and relaunch will enhance the hotel's position in the Jacksonville market.
Sotherly Hotels has received a deficiency notice from Nasdaq due to its failure to file the Form 10-Q for Q1 2024 on time. The delay is caused by ongoing evaluations regarding the presentation of certain financial items. Nasdaq Listing Rule 5250(c)(1) requires timely filings for continued listing. Sotherly now has 60 days, until July 21, 2024, to submit a compliance plan, and potentially up to 180 days, until November 11, 2024, if the plan is accepted. The notice does not immediately affect the listing of Sotherly’s stock on the Nasdaq Global Market. The company intends to file the Form 10-Q as soon as practicable.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported financial results for Q1 2024, showing a 7.0% increase in total revenue, exceeding previous year's results. RevPAR increased by 3.8%, driven by occupancy growth. Net loss to common stockholders rose slightly. Hotel EBITDA improved by over 2%. Adjusted FFO saw a significant 11.2% increase. The company declared quarterly dividends for its preferred shares. Executed a mortgage refinancing in Q1. Balance sheet indicates $39.6 million in cash and cash equivalents. Various loan amendments were made for financial flexibility. 2024 outlook projects steady financial measures within a range. Earnings call scheduled for May 9, 2024.
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