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 second quarter 2022 financial results on August 11, 2022, prior to market opening. A conference call to discuss these results will follow at 10:00 a.m. ET on the same day. Investors can access the call by phone or via the company’s website. The company operates a portfolio of ten hotel properties and has interests in additional condominium hotels, focusing on acquiring and renovating upscale hotels primarily in the Southern United States.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported preliminary operating results for its ten wholly owned properties for Q2 2022. Key metrics include an occupancy rate of 67.8%, a 9.4% increase from 2021 but a 10.9% decrease from 2019. The Average Daily Rate (ADR) was $173.11, up 15.5% year-over-year but 7.8% lower compared to 2019. Revenue Per Available Room (RevPAR) increased by 25.7% versus 2021 to $116.10, yet it was down 4.2% from 2019. The company's performance is driven by a recovery in business and leisure segment demand amidst challenging industry conditions.
Sotherly Hotels Inc. (NASDAQ: SOHO) has modified its existing mortgage loan with Fifth Third Bank for Hotel Alba in Tampa, Florida. The loan modification entails an increased principal balance of $25 million, a three-year term extension, and a 1% decrease in the floating interest rate to SOFR plus 2.75%. The proceeds will help repay a secured note with Kemmons Wilson, which will reduce Sotherly's debt obligations by over $50 million in 2022. This change aims to stabilize the company's financial health and facilitate the payment of preferred dividends, while focusing on long-term shareholder growth.
Sotherly Hotels Inc. (NASDAQ: SOHO) has successfully closed the sale of the DoubleTree by Hilton Raleigh Brownstone for $42 million. This transaction, which achieved a 14.0x EBITDA multiple and a 6.2% cap rate based on 2019 results, will significantly improve the company's financial position. Proceeds will help repay existing mortgage debt and address preferred stock distributions necessary for maintaining REIT status. This sale is a transformative milestone for Sotherly as it focuses on recovery from the pandemic, bolstering its balance sheet and strategic goals moving forward.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported Q1 2022 results, showing total revenue of $38.4M, up from $22.6M in Q1 2021. The net loss attributable to common stockholders improved to $2.5M from $9.1M a year earlier. Hotel EBITDA was approximately $10M, an increase from $4.2M in Q1 2021. Despite a significant rise in room revenue per available room (RevPAR) to $100.89, it remains below the 2019 figure of $121.86. The quarterly dividend was suspended to maintain liquidity. The company expects a 1% decline in Composite RevPAR for Q2 2022 compared to Q2 2019.
Sotherly Hotels Inc. (NASDAQ: SOHO) will announce its Q1 2022 financial results on May 12, 2022, before market opening. A conference call for investors is scheduled for 10:00 a.m. ET that day, where management will discuss the results. The earnings release will be available on the Company's website prior to the call. Sotherly Hotels is focused on upscale hotel properties, owning 11 hotels and interests in two condominium hotels, totaling 2,976 rooms. The Company operates under brands like Hilton and Hyatt and was established in 2004.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported preliminary Q1 2022 operating results for its eleven wholly-owned properties. Key metrics included an occupancy rate of 38.9% in January, increasing to 69.5% by March, reflecting a 41% year-over-year growth. Average Daily Rate (ADR) rose from $152.83 in January to $184.65 in March (+23%), while Revenue Per Available Room (RevPAR) improved from $58.67 to $127.51 (+33.1%). The company noted strong recovery trends despite challenges from the Omicron variant, driven by increased business and group travel. Currently, they operate 2,976 rooms across the Southern U.S.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported its Q4 2021 results, with total revenue reaching $35.1 million, up from $14.6 million in Q4 2020. However, it remains 20.8% below Q4 2019 revenue. The net loss attributable to common stockholders was $17.2 million, and adjusted FFO showed improvement of 85.4% year-over-year. Despite increased RevPAR to $85.80, occupancy was still 12.7% lower than 2019. The Company suspended dividends to preserve liquidity. Looking ahead, Q1 2022 is forecasted to see a 20% decline in Composite RevPAR compared to Q1 2019.
Sotherly Hotels Inc. (NASDAQ: SOHO) has successfully sold the Sheraton Louisville Riverside Hotel in Jeffersonville, Indiana for $11.5 million. This sale, which provides an EBITDA multiple of approximately 21.0 and a cap rate of 2.5% based on 2019 results, is expected to enhance the company's cash flow. CEO Dave Folsom emphasized that the asset no longer aligned with the company’s strategic objectives, and its sale will enable Sotherly to focus on growth within its core portfolio, aiming to maximize shareholder value.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will release its fourth quarter 2021 financial results on March 3, 2022, before market opening. A conference call for investors will take place at 10:00 a.m. ET the same day, where management will discuss the results. Investors can access the earnings release on the company’s website, and listen to the conference call via phone or online. Sotherly Hotels focuses on acquiring and repositioning upscale hotels mainly in the Southern U.S., with a portfolio of 12 properties totaling 3,156 rooms.
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