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 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.
Sotherly Hotels Inc. announced refinancing and renovation plans for the DoubleTree by Hilton Philadelphia Airport. The mortgage loan terms were amended with TD Bank, reducing the loan by $3.0 million to $35.9 million. The loan matures in April 2026 with an interest rate based on SOFR plus 3.5%. The company also signed a new 10-year franchise agreement with Hilton Worldwide and will undergo an $11.5 million renovation scheduled for completion by April 2026.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced the authorization of quarterly cash dividends for its Series B, Series C, and Series D Preferred Stock. The dividends range from $0.4921875 to $0.515625 per share and will be paid on June 17, 2024 to shareholders of record as of May 31, 2024.
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