Sotherly Hotels Stock Price, News & Analysis

Sotherly Hotels Inc. (NASDAQ: SOHO) announced on April 24, 2023, that its Board of Directors has authorized quarterly cash dividends for its preferred stock. The dividends include:

• $0.50 per share for the 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, payable on June 15, 2023, to shareholders of record by May 31, 2023.
• $0.4921875 per share for the 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, also payable on June 15, 2023.
• $0.515625 per share for the 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, with the same payment date.

This dividend declaration reflects the company’s commitment to returning value to its shareholders while managing its portfolio of upscale hotels primarily in the Southern United States.

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.

Sotherly Hotels Inc. (NASDAQ: SOHO) announced that it will report its financial results for the first quarter of 2023 on May 11, 2023, before market opening. A conference call is scheduled for 10:00 a.m. ET that day to discuss these results. Interested parties can access the call via telephone or webcast, with a rebroadcast available for those unable to attend live. Sotherly Hotels focuses on acquiring, renovating, and repositioning upscale hotels primarily in the Southern United States. The company's current portfolio includes 10 hotel properties totaling 2,786 rooms, along with interests in two condominium hotels. The firm operates under brands like Hilton and Hyatt.

Sotherly Hotels Inc. (NASDAQ: SOHO) announced preliminary first-quarter 2023 operating results for its same-store portfolio. The results showed a significant recovery, with occupancy rates increasing from 48.7% in January to 69.4% in March, marking a 22.9% year-over-year variance. Average Daily Rate (ADR) rose from $175.11 to $197.76, a 13.6% increase. Revenue per Available Room (RevPAR) saw an overall increase of 40.0% from $84.48 to $135.93. The company emphasized the strong demand for leisure and business travel as key drivers of these improvements. CEO Dave Folsom expressed optimism about ongoing recovery and growth.

Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant financial improvements for Q4 and the full year 2022. Total revenue rose to $41.3 million for Q4 2022, a 17.0% increase from $35.1 million in Q4 2021, although 6.7% lower than Q4 2019. For the full year, revenue reached $166.1 million, up 30.3% from $127.6 million in 2021. Net income for Q4 was $3.1 million, compared to a loss of $17.2 million in the same quarter last year. Adjusted FFO soared by 698.9% to $8.0 million in Q4. The company also reinstated preferred dividends. Guidance for Q1 2023 indicates revenue between $42.3 million to $44.3 million, with adjusted FFO per share between $0.21 and $0.24.