Sotherly Hotels Inc. Announces Special Preferred Dividend Payable in July

Rhea-AI Summary

Sotherly Hotels Inc. announces special cash dividends for its Series B, Series C, and Series D Preferred Stock.

Positive

• The Board of Directors has authorized a special cash dividend of $0.50 per share for the 8.0% Series B Preferred Stock, $0.4921875 per share for the 7.875% Series C Preferred Stock, and $0.515625 per share for the 8.25% Series D Preferred Stock. The dividends will be paid on July 14, 2023, to shareholders of record as of June 30, 2023.

Negative

• None.

WILLIAMSBURG, Va., May 30, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of a special cash dividend for the Company’s Series B, Series C, and Series D Preferred Stock.

The Board of Directors authorized, and the Company has declared, a special cash dividend of $0.50 per share of beneficial interest of the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The Series B preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

The Board of Directors also authorized, and the Company has declared, a special cash dividend of $0.4921875 per share of beneficial interest of the Company’s 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. The Series C preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

The Board of Directors also authorized, and the Company has declared, a special cash dividend of $0.515625 per share of beneficial interest of the Company’s 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock. The Series D preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

“We are pleased with the continued improvement of the Company’s operating fundamentals, which has allowed us to authorize this special dividend payment for our valued shareholders,” commented Dave Folsom, the Company’s President and Chief Executive Officer. “Further reducing the amount of cumulative unpaid preferred dividends remains a top priority for the Company.”

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

What is the special cash dividend for Sotherly Hotels Inc.'s Series B Preferred Stock?

The special cash dividend for the Series B Preferred Stock is $0.50 per share.

When will the dividends be paid?

The dividends will be paid on July 14, 2023.

Who is eligible to receive the dividends?

Shareholders of record as of June 30, 2023, are eligible to receive the dividends.