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) is a self-managed and self-administered lodging REIT that regularly issues news and regulatory updates related to its hotel portfolio, capital structure and strategic transactions. Organized in 2004 and headquartered in Williamsburg, Virginia, the company focuses on upscale to upper-upscale full-service hotels in the Southern United States and reports on performance and corporate developments through press releases and SEC filings.
News about Sotherly often covers quarterly and annual financial results, including metrics such as total revenues, RevPAR, hotel EBITDA, funds from operations (FFO) and adjusted FFO. Earnings releases may also discuss portfolio performance, booking trends, balance sheet and liquidity positions, and updates to annual guidance ranges. These disclosures help investors and analysts follow changes in lodging demand and hotel-level profitability across the company’s ten full-service hotels and two condominium hotel interests.
Sotherly’s news flow also includes announcements about preferred stock dividends and dividend policy decisions. The company has declared quarterly cash dividends on its Series B, Series C and Series D cumulative redeemable perpetual preferred stock, and has separately announced the deferral of previously declared preferred dividends and the suspension of future preferred dividends, reflecting board-level decisions on capital allocation and financing conditions.
Capital markets and financing developments are another recurring theme. Sotherly has reported on new mortgage loans, such as a secured loan on The DeSoto hotel in Savannah, Georgia, as well as notices of default on certain property-level mortgages and subsequent negotiations with special servicers. These items provide insight into the company’s debt profile, refinancing efforts and interactions with lenders.
A significant component of recent news is the definitive merger agreement under which a joint venture-backed entity, KW Kingfisher LLC, will acquire all outstanding shares of Sotherly common stock for cash consideration, subject to stockholder approval and other customary conditions. Related releases and Form 8-K filings describe the merger terms, expected timeline and the planned proxy statement process. Visitors to this news page can review these updates to understand the proposed transition of Sotherly from a publicly traded REIT to a privately held subsidiary.
By following the SOHO news feed, readers can track financial reporting, dividend actions, property-level financing events, governance matters and the progress of the announced merger, using original company communications as a primary source of information.
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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.