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) announced on April 24, 2023, that its Board of Directors has authorized quarterly cash dividends for its preferred stock. The dividends include:
- $0.50 per share for the 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, payable on June 15, 2023, to shareholders of record by May 31, 2023.
- $0.4921875 per share for the 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, also payable on June 15, 2023.
- $0.515625 per share for the 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, with the same payment date.
This dividend declaration reflects the company’s commitment to returning value to its shareholders while managing its portfolio of upscale hotels primarily in the Southern United States.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced the postponement of its 2023 Annual Meeting of Stockholders due to the anticipated lack of shares present to form a quorum. Originally scheduled for April 25, 2023, the meeting will now take place on May 18, 2023, at 9:00 a.m. Eastern Time at the William & Mary Alumni House in Williamsburg, Virginia. The record date for stockholders entitled to vote remains March 1, 2023. The Company remains committed to soliciting votes on proposals outlined in its definitive proxy statement filed with the SEC on March 30, 2023. Stockholders are encouraged to vote before May 17, 2023, at 11:59 p.m. Eastern Time. Sotherly Hotels is focused on upscale lodging investments across the Southern United States, currently managing ten hotel properties and additional condominium interests.
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