WILLIAMSBURG

Sotherly Hotels Inc. Reports Financial Results for the First Quarter Ended March 31, 2024

Retrieved on: 
Thursday, May 9, 2024
PIP, Travel, Webster Bank, Depreciation, RevPAR, Insurance, Partnership, House, FFO, Tax, Venture round, DoubleTree, Toronto-Dominion Bank, Security (finance)

Total revenue was approximately $46.5 million and $43.5 million, for the three month periods ended March 31, 2024 and 2023, respectively.

Key Points: 
  • Total revenue was approximately $46.5 million and $43.5 million, for the three month periods ended March 31, 2024 and 2023, respectively.
  • Hotel EBITDA increased to approximately $12.4 million for the three months ended March 31, 2024, from approximately $12.1 million for the comparable period in 2023.
  • Dave Folsom, President and Chief Executive Officer of Sotherly Hotels Inc., commented, "We were pleased with our first quarter results.
  • All of these results reflect both continued strength in our portfolio as well as the markets in which we own hotels.

Sotherly Hotels Inc. Announces Refinancing and Renovation Plans for Philadelphia Hotel

Retrieved on: 
Friday, May 3, 2024
SOHO, Toronto-Dominion Bank, Debtor, Food, DoubleTree, Hilton Worldwide

The interest-only loan, which has been reduced by $3.0 million to $35.9 million, matures in April 2026 and carries a floating interest rate based on SOFR plus 3.5%.

Key Points: 
  • The interest-only loan, which has been reduced by $3.0 million to $35.9 million, matures in April 2026 and carries a floating interest rate based on SOFR plus 3.5%.
  • As part of the transaction, the Borrower purchased an Interest Rate Cap capping SOFR at 3.0%.
  • The Company also announced that it has entered into a new 10-year franchise agreement with Hilton Worldwide to relicense the hotel under the DoubleTree by Hilton flag.
  • Renovation plans for the property to include upgrades to guestrooms, public spaces, food and beverage spaces, and building exterior.

Sotherly Hotels Inc. Schedules First Quarter 2024 Earnings Release and Conference Call

Retrieved on: 
Monday, April 15, 2024
SOHO, Internet, Time management, Telephone, Webcast

WILLIAMSBURG, Va., April 15, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company will report financial results for the first quarter 2024 prior to the market opening on Thursday, May 9, 2024.

Key Points: 
  • WILLIAMSBURG, Va., April 15, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company will report financial results for the first quarter 2024 prior to the market opening on Thursday, May 9, 2024.
  • A conference call for investors and other interested parties is scheduled for 10:00 a.m. Eastern Time (ET) that same day, at which time management will discuss the Company’s first quarter 2024 results.
  • The information to be discussed on the call will be contained in the Company’s earnings release, which will be available via the Company’s website at www.sotherlyhotels.com in the Investors section under Financial Information .
  • For those unable to listen to the live conference call, a taped rebroadcast will be available approximately one hour after completion of the live call through May 23, 2024.

Sotherly Hotels Inc. Reports Financial Results for the Fourth Quarter Ended December 31, 2023

Retrieved on: 
Wednesday, March 6, 2024
FFO, Pressure, ADR, Growth, Sale, Toronto-Dominion Bank, Loan, RevPAR, Lung compliance, Venture round, House, Tax, Forgiveness, DoubleTree, Creditor, Insurance, Depreciation, Partnership

Total revenue was approximately $42.1 million and $41.3 million, for the three month periods ended December 31, 2023 and 2022, respectively.

Key Points: 
  • Total revenue was approximately $42.1 million and $41.3 million, for the three month periods ended December 31, 2023 and 2022, respectively.
  • For the twelve-month period ending December 31, 2023, total revenue increased to approximately $173.8 million, from approximately $166.1 million during the comparable period in 2022.
  • Hotel EBITDA decreased to approximately $10.3 million for the three months ended December 31, 2023, from approximately $11.9 million during the comparable period in 2022.
  • Dave Folsom, President and Chief Executive Officer of Sotherly Hotels Inc., commented, "In the fourth quarter, we continued to see improvements in overall hotel performance metrics.

Sotherly Hotels Inc. Announces Dividend Tax Treatment

Retrieved on: 
Wednesday, February 14, 2024
CUSIP, IRS, Average revenue per user, Form, Security (finance)

The CUSIP number for Sotherly Hotels Inc.'s Series D Preferred Shares is 83600C509.

Key Points: 
  • The CUSIP number for Sotherly Hotels Inc.'s Series D Preferred Shares is 83600C509.
  • No portion of the dividends declared in 2023 represented foreign taxes or qualified dividend income.
  • The tax information above should not be construed as tax advice and is not a substitute for careful tax planning and analysis.
  • Shareholders are encouraged to consult with their own tax advisors regarding the specific federal, state, local, foreign and other tax consequences of ownership of the common shares of Sotherly Hotels Inc. and the specific tax treatment of distributions therefrom.

Sotherly Hotels Inc. Announces Refinancing Of Tampa Hotel

Retrieved on: 
Tuesday, February 13, 2024
Citigroup, Collection, SOHO

WILLIAMSBURG, Va., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that the Company has executed a $35.0 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida.

Key Points: 
  • WILLIAMSBURG, Va., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that the Company has executed a $35.0 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida.
  • The interest-only loan, which has a principal balance of $35.0 million, matures on March 6, 2029, and carries a fixed interest rate of 8.49%.
  • “We are very pleased with the completion of the refinancing of the mortgage loan for the hotel with Citi,” commented Dave Folsom, Chief Executive Officer of the Company.
  • “This refinancing represents the culmination of our repositioning strategy for Hotel Alba which created substantial value for the hotel and resulted in significant cash proceeds of over $10 million to the Company.”

Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Retrieved on: 
Tuesday, January 30, 2024
Venture round, Series, SOHO, Holding company

WILLIAMSBURG, Va., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.

Key Points: 
  • WILLIAMSBURG, Va., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.
  • The Board of Directors authorized, and the Company has declared, a quarterly 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 March 15, 2024 to shareholders of record as of February 29, 2024.
  • The Series C preferred dividend will be paid on March 15, 2024 to shareholders of record as of February 29, 2024.

Sotherly Hotels Inc. Schedules Fourth Quarter 2023 Earnings Release and Conference Call

Retrieved on: 
Monday, January 15, 2024
Telephone, SOHO, Internet, Time management, Webcast

WILLIAMSBURG, Va., Jan. 15, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company will report financial results for the fourth quarter 2023 prior to the market opening on Wednesday, March 6, 2024.

Key Points: 
  • WILLIAMSBURG, Va., Jan. 15, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company will report financial results for the fourth quarter 2023 prior to the market opening on Wednesday, March 6, 2024.
  • A conference call for investors and other interested parties is scheduled for 10:00 a.m. Eastern Time (ET) that same day, at which time management will discuss the Company’s fourth quarter 2023 results.
  • The information to be discussed on the call will be contained in the Company’s earnings release, which will be available via the Company’s website at www.sotherlyhotels.com in the Investors section under Financial Information .
  • Interested individuals are invited to listen to the call by telephone at 833-470-1428 (United States) and enter access code 214585.

Sotherly Hotels Inc. Reports Financial Results for the Third Quarter Ended September 30, 2023

Retrieved on: 
Thursday, November 9, 2023
Insurance, Sale, Toronto-Dominion Bank, Tax, RevPAR, ADR, SOFR, EBITDA, Creditor, FFO, Partnership, Venture round, Loan, TD, Depreciation, House, DoubleTree, Lung compliance, Cryptocurrency, Security (finance)

For the nine months ended September 30, 2023, RevPAR increased to $117.89, from $111.16 in the comparable period in 2022.

Key Points: 
  • For the nine months ended September 30, 2023, RevPAR increased to $117.89, from $111.16 in the comparable period in 2022.
  • Total revenue was approximately $39.2 million for each of the three month periods ended September 30, 2023 and 2022, respectively.
  • Hotel EBITDA decreased to approximately $7.6 million for the three months ended September 30, 2023, from approximately $9.8 million during the comparable period in 2022.
  • Dave Folsom, President and Chief Executive Officer of Sotherly Hotels Inc., commented, "In the third quarter, we continued to witness RevPAR increases over the pre-pandemic results of 2019.

Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Retrieved on: 
Tuesday, October 31, 2023
SOHO, Series, Venture round, Holding company

WILLIAMSBURG, Va., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.

Key Points: 
  • WILLIAMSBURG, Va., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.
  • The Board of Directors authorized, and the Company has declared, a quarterly 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 December 15, 2023 to shareholders of record as of November 30, 2023.
  • The Series C preferred dividend will be paid on December 15, 2023 to shareholders of record as of November 30, 2023.