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.
Sotherly Hotels Inc. (NASDAQ: SOHO) will announce its third quarter 2021 financial results on November 12, 2021, before the market opens. An investor conference call is scheduled for 10:00 AM ET that same day, where company management will discuss the results. The earnings release will be accessible on the company's website, highlighting performance metrics from its portfolio of upscale hotels in the Southern U.S., which encompasses 12 properties and 3,156 rooms.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced an underwritten public offering of senior unsecured notes, guaranteed by the company, aimed at strengthening its balance sheet. The offering includes a 30-day option for underwriters to purchase an additional 15% of the notes. The net proceeds will cover $20 million of existing secured debt and fund a reserve for one year of interest payments. The notes will be listed on NASDAQ under symbol SOHOL. The offering details are pending SEC approval.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported Q2 2021 results showing total revenue of $34.4M, significantly up from $5.3M in Q2 2020, but down 33.3% from Q2 2019. The company experienced a net loss of $2.8M but improved EBITDA to $9M from a loss of $6.6M a year prior. RevPAR increased to $94.93 compared to $12.91 in Q2 2020, driven by a rise in occupancy to 59% and ADR to $161. Dividends were suspended to preserve liquidity. The outlook for Q3 2021 anticipates a 5-10% decrease in Composite RevPAR versus 2019.
Sotherly Hotels Inc. (NASDAQ: SOHO) will report its financial results for Q2 2021 on August 12, 2021, prior to market opening. An earnings conference call is scheduled for 10:00 a.m. ET the same day, where management will discuss these results. The earnings release will be available on the company's website in the Investors section. Sotherly Hotels, a self-managed lodging REIT, focuses on upscale hotel acquisitions and currently has a portfolio of 12 properties, totaling 3,156 rooms, including interests in condominium hotels.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported a significant decline in Q1 2021 results, with total revenue dropping 39.2% year-over-year to $22.6 million. The company incurred a net loss of $9 million, compared to a loss of $14.3 million in Q1 2020. EBITDA improved to $3.3 million, up from $1.6 million. Adjusted FFO decreased by 42.7% to $(5.2 million). The company suspended its quarterly cash dividend to preserve liquidity amidst the COVID-19 pandemic, which has severely impacted hotel demand. Despite challenges, management sees optimism in a potential recovery.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will release its first quarter 2021 financial results on May 12, 2021, before the market opens. A conference call to discuss these results is scheduled for 10:00 a.m. Eastern Time the same day. Investors can access the conference call by phone or through the company website. Sotherly Hotels focuses on the acquisition and management of upscale hotels across the Southern U.S., with a portfolio comprising 12 properties and interests in two condominium hotels.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant declines in its financial results for Q4 and the year ending December 31, 2020, heavily impacted by COVID-19. Total revenue dropped 67.1% to $14.6 million in Q4 and 61.5% to $71.5 million for the year. The company faced a net loss of $14.7 million in Q4 and $58.4 million for the full year. RevPAR decreased 62.3% in Q4 compared to 2019. The Board suspended common dividends to preserve liquidity. Despite these challenges, the company has taken measures to manage operations and expects some recovery as economic conditions improve.
Sotherly Hotels Inc. (NASDAQ: SOHO) announced it will report its fourth quarter 2020 financial results on March 4, 2021, prior to the market opening. A conference call for investors will follow at 10:00 a.m. ET to discuss these results. Interested parties can listen via phone or through the company’s website. A rebroadcast of the call will be available for one year following the event. Sotherly Hotels is focused on upscale hotel investments in the Southern U.S. and currently operates a portfolio of 12 hotel properties.
Sotherly Hotels Inc. (NASDAQ: SOHO) has entered into a Note Purchase Agreement to issue notes totaling $20 million, with an additional $10 million available within a year. The notes mature in three years and carry a 6.0% interest rate, with the principal repayable at 1.47 times the borrowed amount. The funds aim to improve the company's liquidity amidst pandemic challenges. CEO Dave Folsom expressed optimism about the partnership with Kemmons Wilson, highlighting the importance of this transaction for managing financial obligations and preparing for future recovery.
Sotherly Hotels Inc. (NASDAQ: SOHO) reported significant financial challenges in its Q3 2020 results, driven largely by the impact of COVID-19. Total revenue dropped 66.1% year-over-year to $14.4 million, with a net loss attributable to common stockholders of $12.3 million. Hotel EBITDA decreased approximately 113% to $(1.2) million. RevPAR fell 63.3% to $36.68 due to decreased occupancy and average daily rates. The Company suspended its quarterly cash dividend to preserve liquidity, with available cash on hand amounting to $23.2 million as of September 30, 2020.