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 preliminary operating results for Q4 2021, revealing a mixed performance across its twelve properties. Occupancy rates stood at 60.0% in October, 55.9% in November, and dropped to 46.4% in December, reflecting a decline of 21.9%, 18.0%, and 17.9% compared to 2019, respectively. Average Daily Rate (ADR) showed slight decreases in October and November but a positive 7.4% in December. RevPAR decreased significantly, with a decline of 23.0% in October, 20.0% in November, and 11.8% in December. The company expresses optimism despite ongoing COVID disruptions.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant growth in its third-quarter results for 2021, with total revenue reaching $35.5 million, up 146% from $14.4 million in Q3 2020. Despite this rebound, net loss attributable to common stockholders was $4.3 million, an improvement from a $12.3 million loss in the same quarter last year. The company mentioned a RevPAR of $90.16, down 9.9% from 2019 levels, but occupancy increased to 56.3%. The company suspended its regular quarterly cash dividend to preserve liquidity amidst ongoing uncertainties.
Sotherly Hotels Inc. (NASDAQ: SOHO) will announce its third quarter 2021 financial results on November 12, 2021, before the market opens. An investor conference call is scheduled for 10:00 AM ET that same day, where company management will discuss the results. The earnings release will be accessible on the company's website, highlighting performance metrics from its portfolio of upscale hotels in the Southern U.S., which encompasses 12 properties and 3,156 rooms.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced an underwritten public offering of senior unsecured notes, guaranteed by the company, aimed at strengthening its balance sheet. The offering includes a 30-day option for underwriters to purchase an additional 15% of the notes. The net proceeds will cover $20 million of existing secured debt and fund a reserve for one year of interest payments. The notes will be listed on NASDAQ under symbol SOHOL. The offering details are pending SEC approval.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported Q2 2021 results showing total revenue of $34.4M, significantly up from $5.3M in Q2 2020, but down 33.3% from Q2 2019. The company experienced a net loss of $2.8M but improved EBITDA to $9M from a loss of $6.6M a year prior. RevPAR increased to $94.93 compared to $12.91 in Q2 2020, driven by a rise in occupancy to 59% and ADR to $161. Dividends were suspended to preserve liquidity. The outlook for Q3 2021 anticipates a 5-10% decrease in Composite RevPAR versus 2019.
Sotherly Hotels Inc. (NASDAQ: SOHO) will report its financial results for Q2 2021 on August 12, 2021, prior to market opening. An earnings conference call is scheduled for 10:00 a.m. ET the same day, where management will discuss these results. The earnings release will be available on the company's website in the Investors section. Sotherly Hotels, a self-managed lodging REIT, focuses on upscale hotel acquisitions and currently has a portfolio of 12 properties, totaling 3,156 rooms, including interests in condominium hotels.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported a significant decline in Q1 2021 results, with total revenue dropping 39.2% year-over-year to $22.6 million. The company incurred a net loss of $9 million, compared to a loss of $14.3 million in Q1 2020. EBITDA improved to $3.3 million, up from $1.6 million. Adjusted FFO decreased by 42.7% to $(5.2 million). The company suspended its quarterly cash dividend to preserve liquidity amidst the COVID-19 pandemic, which has severely impacted hotel demand. Despite challenges, management sees optimism in a potential recovery.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will release its first quarter 2021 financial results on May 12, 2021, before the market opens. A conference call to discuss these results is scheduled for 10:00 a.m. Eastern Time the same day. Investors can access the conference call by phone or through the company website. Sotherly Hotels focuses on the acquisition and management of upscale hotels across the Southern U.S., with a portfolio comprising 12 properties and interests in two condominium hotels.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant declines in its financial results for Q4 and the year ending December 31, 2020, heavily impacted by COVID-19. Total revenue dropped 67.1% to $14.6 million in Q4 and 61.5% to $71.5 million for the year. The company faced a net loss of $14.7 million in Q4 and $58.4 million for the full year. RevPAR decreased 62.3% in Q4 compared to 2019. The Board suspended common dividends to preserve liquidity. Despite these challenges, the company has taken measures to manage operations and expects some recovery as economic conditions improve.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will report its fourth quarter 2020 financial results on March 4, 2021, prior to the market opening. A conference call for investors will follow at 10:00 a.m. ET to discuss these results. Interested parties can listen via phone or through the company’s website. A rebroadcast of the call will be available for one year following the event. Sotherly Hotels is focused on upscale hotel investments in the Southern U.S. and currently operates a portfolio of 12 hotel properties.
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