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 that it will report its financial results for the first quarter of 2023 on May 11, 2023, before market opening. A conference call is scheduled for 10:00 a.m. ET that day to discuss these results. Interested parties can access the call via telephone or webcast, with a rebroadcast available for those unable to attend live. Sotherly Hotels focuses on acquiring, renovating, and repositioning upscale hotels primarily in the Southern United States. The company's current portfolio includes 10 hotel properties totaling 2,786 rooms, along with interests in two condominium hotels. The firm operates under brands like Hilton and Hyatt.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced preliminary first-quarter 2023 operating results for its same-store portfolio. The results showed a significant recovery, with occupancy rates increasing from 48.7% in January to 69.4% in March, marking a 22.9% year-over-year variance. Average Daily Rate (ADR) rose from $175.11 to $197.76, a 13.6% increase. Revenue per Available Room (RevPAR) saw an overall increase of 40.0% from $84.48 to $135.93. The company emphasized the strong demand for leisure and business travel as key drivers of these improvements. CEO Dave Folsom expressed optimism about ongoing recovery and growth.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant financial improvements for Q4 and the full year 2022. Total revenue rose to $41.3 million for Q4 2022, a 17.0% increase from $35.1 million in Q4 2021, although 6.7% lower than Q4 2019. For the full year, revenue reached $166.1 million, up 30.3% from $127.6 million in 2021. Net income for Q4 was $3.1 million, compared to a loss of $17.2 million in the same quarter last year. Adjusted FFO soared by 698.9% to $8.0 million in Q4. The company also reinstated preferred dividends. Guidance for Q1 2023 indicates revenue between $42.3 million to $44.3 million, with adjusted FFO per share between $0.21 and $0.24.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced the approval of quarterly cash dividends for its preferred stocks, following a recovery in operating fundamentals. The dividends include $0.50 for the Series B, $0.4921875 for the Series C, and $0.515625 for the Series D preferred stocks. All dividends are payable on March 15, 2023, to shareholders on record as of February 28, 2023. The CEO, Dave Folsom, indicated a plan to reduce accrued dividends through potential special dividends based on market conditions and profitability.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will release its fourth quarter 2022 financial results on March 2, 2023, before market open. A conference call discussing these results is scheduled for 10:00 a.m. ET on the same day. Investors can access the call via telephone or the internet, with details available on the company’s website.
Sotherly Hotels focuses on acquiring and renovating upscale hotels primarily in the Southern United States, currently operating ten properties with 2,786 rooms and interests in two condominium hotels.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported initial operating results for its ten wholly-owned properties for Q4 2022. Key metrics include an occupancy rate of 48.1% in December, up 4.8% from 2021, but down 14.4% from 2019. Average Daily Rate (ADR) was $169.69 in December, representing an 8.9% increase versus 2021 and 18.6% over 2019. Revenue Per Available Room (RevPAR) for December stood at $80.75, a 13.7% increase compared to the previous year, yet a 1.3% decrease from 2019. Overall, results indicate a continued recovery despite challenges from Hurricane Nicole.
Sotherly Hotels (NASDAQ: SOHO) reported Q3 2022 results, showing total revenue of approximately $39.2 million, up from $35.5 million in Q3 2021. Net income attributable to common stockholders was $113, a significant improvement from a loss of $4.3 million in the prior year. Hotel EBITDA rose to approximately $9.8 million, exceeding both 2021 and 2019 levels. The company suspended its quarterly cash dividend to preserve liquidity, while Adjusted FFO per share reached $0.12, highlighting a substantial year-over-year increase. The company expects total revenue guidance for 2022 between $162.7 million and $164.1 million.
Sotherly Hotels Inc. (NASDAQ: SOHO) will announce its third quarter 2022 financial results on November 10, 2022, before market open. A conference call is set for 10:00 a.m. ET that day, where management will discuss the results. Investors can access the call via telephone or webcast through the company's website. A rebroadcast of the call will be available for those unable to attend live. The company operates upscale to upper-upscale hotels primarily in the Southern U.S., with a portfolio consisting of ten properties totaling 2,786 rooms.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported preliminary operating results for its wholly-owned properties for Q3 2022. The company experienced a notable improvement in occupancy rates, with September occupancy reaching 62.2%, marking a 17.6% increase compared to 2021. Additionally, ADR rose to $172.24, up 9.4% against 2021. The RevPAR also showed positive growth, reaching $105.83, a 23.6% increase year-over-year. Despite the challenges of Hurricane Ian, the company reported no physical damage to its portfolio, highlighting resilience in a recovering travel market.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant growth in its Q2 2022 results, with total revenue of $47.2 million, up from $34.4 million in Q2 2021. Net income attributable to common stockholders reached $24.3 million, compared to a loss of $2.8 million the previous year. Adjusted FFO surged by 444.4% year-over-year. RevPAR increased to $128.63, reflecting a strong recovery in demand, although occupancy remains below pre-pandemic levels. The company suspended its quarterly cash dividend to preserve liquidity amidst ongoing uncertainties in the lodging industry.
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