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) 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.
Sotherly Hotels Inc. (NASDAQ: SOHO) has entered into a Note Purchase Agreement to issue notes totaling $20 million, with an additional $10 million available within a year. The notes mature in three years and carry a 6.0% interest rate, with the principal repayable at 1.47 times the borrowed amount. The funds aim to improve the company's liquidity amidst pandemic challenges. CEO Dave Folsom expressed optimism about the partnership with Kemmons Wilson, highlighting the importance of this transaction for managing financial obligations and preparing for future recovery.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant financial challenges in its Q3 2020 results, driven largely by the impact of COVID-19. Total revenue dropped 66.1% year-over-year to $14.4 million, with a net loss attributable to common stockholders of $12.3 million. Hotel EBITDA decreased approximately 113% to $(1.2) million. RevPAR fell 63.3% to $36.68 due to decreased occupancy and average daily rates. The Company suspended its quarterly cash dividend to preserve liquidity, with available cash on hand amounting to $23.2 million as of September 30, 2020.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced that it will release its third quarter 2020 financial results on November 9, 2020, before the market opens. Following this, a conference call for investors is scheduled at 10:00 a.m. ET on the same day to discuss the results. Investors can access the call via telephone or the company's website, with a rebroadcast available after the event. Sotherly Hotels operates a portfolio that includes 12 hotel properties, aggregating 3,156 rooms, under several well-known brands.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant financial declines in its second-quarter 2020 results. Total revenue plummeted by 89.7% year-over-year to $5.3 million, with a net loss of $17.1 million compared to a loss of $732,000 in the same period last year. Hotel EBITDA dropped 133.4% to $(5.2) million. The company has suspended its quarterly cash dividends to preserve liquidity and is facing ongoing challenges due to COVID-19, including reduced occupancy and revenue across all properties. As of June 30, 2020, available cash was approximately $24.9 million.
Sotherly Hotels Inc. (NASDAQ: SOHO) will announce its financial results for Q2 2020 on August 10, 2020, before market opening. A conference call for investors is scheduled for 10:00 AM ET on the same day, where management will discuss the results. The earnings release will be available on the company’s website. The conference call can be accessed via phone or webcast, with a rebroadcast available after the live call until August 10, 2021. Sotherly Hotels focuses on acquiring and repositioning full-service hotels in the Southern U.S.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant declines in its Q1 2020 results, largely due to the COVID-19 pandemic. Total revenue fell by 21.5% to $37.2 million compared to Q1 2019. The company suffered a net loss of $14.3 million, resulting in a net loss per share of $1.01. Hotel EBITDA decreased by 61.6% to $5.1 million. In response to the pandemic, Sotherly suspended dividends, implemented cost-control measures, and anticipates continued operational challenges until travel restrictions ease.
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