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) delivers curated updates on its strategic initiatives in the upscale hospitality sector. This hub provides investors and industry observers with direct access to official press releases, financial disclosures, and operational developments from the self-managed lodging REIT.
Track Sotherly Hotels' progress in acquiring and repositioning full-service properties across prime Southern U.S. markets. Our news collection offers insights into quarterly earnings, brand partnerships, property renovations, and leadership updates - all critical for evaluating this hospitality-focused real estate trust.
Key updates include:
• Earnings reports detailing REIT performance metrics
• Strategic acquisitions in target growth markets
• Renovation milestones enhancing property value
• Operational partnerships with global hotel brands
Bookmark this page for streamlined access to Sotherly Hotels' verified corporate communications. Monitor how the company leverages its six-decade hospitality legacy through modern asset management strategies in competitive lodging markets.
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.
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