Sotherly Hotels Stock Price, News & Analysis

Sotherly Hotels (NASDAQ: SOHO) reported its Q2 2024 financial results, showing mixed performance. Total revenue increased to $50.7 million from $49.0 million year-over-year. However, net income attributable to common stockholders fell to $2.6 million from $3.1 million a year earlier. For the first half of 2024, revenue reached $97.2 million, up from $92.5 million in H1 2023, but net income decreased 23.1% to $2.0 million. Hotel EBITDA grew to $15.7 million in Q2 2024 from $14.8 million in Q2 2023. Adjusted FFO rose to $7.5 million, a 6.7% increase. RevPAR climbed 4.3% to $137.67 due to a 5.8% rise in occupancy, though ADR dropped 1.4%. The company declared dividends for its Series B, C, and D preferred shares, payable on September 16, 2024. CEO Dave Folsom highlighted challenges in ADR and noted the company's efforts in mortgage refinancings and expense management.

Sotherly Hotels Inc. (NASDAQ: SOHO) has announced quarterly cash dividends for its Series B, C, and D Preferred Stock. The Board of Directors has authorized the following payments:

• Series B (8.0%): $0.50 per share
• Series C (7.875%): $0.4921875 per share
• Series D (8.25%): $0.515625 per share

All dividends will be paid on September 16, 2024, to shareholders of record as of August 30, 2024. This announcement demonstrates Sotherly Hotels' commitment to providing regular returns to its preferred stockholders.

Sotherly Hotels Inc. (NASDAQ: SOHO) has announced its schedule for the second quarter 2024 earnings release and conference call. The company will report financial results before the market opens on Tuesday, August 13, 2024. A conference call for investors and interested parties is set for 10:00 a.m. Eastern Time on the same day. Management will discuss the Q2 2024 results during the call.

Participants can access the call by dialing 833-470-1428 (United States) and entering access code 441747. A webcast will also be available on the company's website. For those unable to attend, a taped rebroadcast will be accessible until August 27, 2024, by dialing 866-813-9403 with access code 636280.

Sotherly Hotels (NASDAQ: SOHO) has announced a secured loan with Fifth Third Bank for its DoubleTree by Hilton Jacksonville Riverfront hotel. The loan includes an initial principal balance of $26.25 million with an additional $9.49 million available for improvements. Additionally, Sotherly has signed a 10-year franchise agreement with Hilton Worldwide to rebrand the hotel as Hotel Bellamy. A complete renovation, costing $14.6 million, is planned, covering guest rooms, public spaces, and more, with completion expected by January 2027. CEO Dave Folsom highlighted that the refinance and relaunch will enhance the hotel's position in the Jacksonville market.

Sotherly Hotels has received a deficiency notice from Nasdaq due to its failure to file the Form 10-Q for Q1 2024 on time. The delay is caused by ongoing evaluations regarding the presentation of certain financial items. Nasdaq Listing Rule 5250(c)(1) requires timely filings for continued listing. Sotherly now has 60 days, until July 21, 2024, to submit a compliance plan, and potentially up to 180 days, until November 11, 2024, if the plan is accepted. The notice does not immediately affect the listing of Sotherly’s stock on the Nasdaq Global Market. The company intends to file the Form 10-Q as soon as practicable.

Sotherly Hotels Inc. (NASDAQ: SOHO) reported financial results for Q1 2024, showing a 7.0% increase in total revenue, exceeding previous year's results. RevPAR increased by 3.8%, driven by occupancy growth. Net loss to common stockholders rose slightly. Hotel EBITDA improved by over 2%. Adjusted FFO saw a significant 11.2% increase. The company declared quarterly dividends for its preferred shares. Executed a mortgage refinancing in Q1. Balance sheet indicates $39.6 million in cash and cash equivalents. Various loan amendments were made for financial flexibility. 2024 outlook projects steady financial measures within a range. Earnings call scheduled for May 9, 2024.

Sotherly Hotels Inc. announced refinancing and renovation plans for the DoubleTree by Hilton Philadelphia Airport. The mortgage loan terms were amended with TD Bank, reducing the loan by $3.0 million to $35.9 million. The loan matures in April 2026 with an interest rate based on SOFR plus 3.5%. The company also signed a new 10-year franchise agreement with Hilton Worldwide and will undergo an $11.5 million renovation scheduled for completion by April 2026.

Sotherly Hotels Inc. (NASDAQ: SOHO) announced the authorization of quarterly cash dividends for its Series B, Series C, and Series D Preferred Stock. The dividends range from $0.4921875 to $0.515625 per share and will be paid on June 17, 2024 to shareholders of record as of May 31, 2024.