Sotherly Hotels Inc. Announces Postponement of Annual Meeting of Stockholders

Rhea-AI Summary

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.

Positive

• Continuation of soliciting votes may enhance shareholder engagement.
• No changes made to proposals may indicate stability in governance.

Negative

• Postponement of the Annual Meeting may suggest low investor engagement.
• Inability to form a quorum reflects potential shareholder apathy.

WILLIAMSBURG, Va., April 18, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO), (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today announced that the Company anticipates that it will not have a sufficient number of shares of the Company's common stock present in person or represented by proxy at the 2023 Annual Meeting of Stockholders (the "Annual Meeting"), scheduled for Tuesday, April 25, 2023 at 9:00 a.m. Eastern Time, to constitute a quorum. The Company has decided to postpone the Annual Meeting to 9:00 a.m. Eastern Time on Thursday, May 18, 2023 at the William & Mary Alumni House, Leadership Hall, located at 500 Richmond Road, Williamsburg, Virginia 23185.

The close of business on March 1, 2023 will continue to be the record date for the determination of stockholders of the Company entitled to vote at the Annual Meeting. Stockholders of the Company who have previously submitted their proxy or otherwise voted and who do not want to change their vote do not need to take any action.

No changes have been made in the proposals to be voted on by stockholders at the Annual Meeting. The Company encourages all of its stockholders to read the Company’s definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023 (the “Proxy Statement”), which is available free of charge on the SEC’s website at www.sec.gov, and on the Company’s website at https://investors.sotherlyhotels.com/financial-info/sec-filings/default.aspx.

The Company will continue to solicit votes from its stockholders with respect to the proposals set forth in the Proxy Statement. The Company encourages all stockholders who have not yet voted to do so before Wednesday, May 17, 2023 at 11:59 p.m., Eastern Time.

About Sotherly Hotels Inc.

Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corporation brands, as well as independent hotels. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.

FAQ

Why was the Sotherly Hotels Annual Meeting postponed?

The Annual Meeting was postponed due to the anticipated insufficient number of shares to constitute a quorum.

When is the new date for the Sotherly Hotels Annual Meeting?

The new date for the Annual Meeting is May 18, 2023, at 9:00 a.m. Eastern Time.

What should stockholders do if they have already voted for Sotherly Hotels?

Stockholders who have already voted do not need to take any action if they do not wish to change their vote.

What is the record date for voting at the Sotherly Hotels Annual Meeting?

The record date for stockholders entitled to vote at the Annual Meeting remains March 1, 2023.

How can stockholders vote for the Sotherly Hotels proposals?

Stockholders can vote for the proposals outlined in the Proxy Statement before May 17, 2023, at 11:59 p.m. Eastern Time.