whytestocks
4 years ago
Breaking News: $SOHO Sotherly Hotels Inc. Reports Financial Results for the Third Quarter Ended September 30, 2020
WILLIAMSBURG, Va., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) , (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated resul...
Find out more SOHO - Sotherly Hotels Inc. Reports Financial Results for the Third Quarter Ended September 30, 2020
roger wilco
6 years ago
$SOHO Southerly Hotels, Inc.:
Revenue and RevPAR. For the three-month period ending March 31, 2019, Total Revenue increased 13.5% over the three-month period ending March 31, 2018. Room revenue per available room (“RevPAR”) for the Company’s composite portfolio, which includes the Hyatt Centric Arlington and the rooms participating in our rental program at the Hyde Resort & Residences, during the three-month period ending March 31, 2019, increased 8.8% over the three months ended March 31, 2018, to $121.86 reflecting a 5.2% increase in occupancy and a 3.5% increase in average daily rate (“ADR”).
Common Dividends. On April 29, 2019, the Company announced a quarterly dividend (distribution) on its common stock (and units) of $0.13 per share (and unit) to stockholders (and unitholders) of record as of June 14, 2019, payable on July 11, 2019.
Hotel EBITDA. The Company generated hotel EBITDA of approximately $13.2 million during the three-month period ending March 31, 2019, hotel EBITDA increased 10.9% or approximately $1.3 million, over the three months ended March 31, 2018.
Adjusted FFO available to common stockholders and unitholders. For the three-month period ending March 31, 2019, Adjusted FFO available to common stockholders and unitholders increased 0.7% from the three months ended March 31, 2018.
Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “We experienced a strong quarter to start the year. Each of our boutique hotels boasted double-digit gains in RevPAR, helping the portfolio achieve a RevPAR increase of 8.8% over the same quarter last year. We are pleased to see our repositioning strategy begin to take full effect and we look forward to the conversion of our Tampa property to Hotel Alba later this quarter.”
https://sotherlyhotels.com/
swanlinbar
7 years ago
Sotherly Hotels Inc. Schedules First Quarter 2018 Earnings Release and Conference Call
9:00 am ET April 4, 2018 (Globe Newswire) Print
Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") announced that the Company will report financial results for the first quarter 2018 prior to the market opening on Tuesday, May 8, 2018. A conference call for investors and other interested parties is scheduled for 10:00 a.m. Eastern Time (ET) that same day, at which time management will discuss the Company's first quarter 2018 results. The information to be discussed on the call will be contained in the Company's earnings release, which will be available via the Company's website at www.sotherlyhotels.com in the Investors section under Financial Information.
The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 888-339-0107 (United States), 855-669-9657 (Canada) or +1 412-902-4188 (International). To participate on the webcast, log on to www.sotherlyhotels.com at least 15 minutes before the call to download the necessary software. For those unable to listen to the call live, a taped rebroadcast will be available approximately one hour after completion of the live call through May 7, 2019. To access the rebroadcast, dial 877-344-7529 and enter conference number 10118957. A replay of the call will also be available on the Internet at www.sotherlyhotels.com through May 7, 2019.
About Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Currently, the Company's portfolio consists of investments in twelve hotel properties, comprising 3,156 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel. Most of the Company's properties operate under the Hilton Worldwide, Hyatt Hotels Corporation, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.
Contact at the Company:
Scott Kucinski
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648
roger wilco
7 years ago
Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.115 per common share of beneficial interest. The quarterly dividend will be paid on April 11, 2018 to shareholders of record as of March 15, 2018. The common dividend represents an annualized yield of approximately 7.4 percent based on the closing price of the Company’s common shares on January 26, 2018.
fuzzy
7 years ago
WILLIAMSBURG, Va., Jan. 30, 2018 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (SOHO) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.115 per common share of beneficial interest. The quarterly dividend will be paid on April 11, 2018 to shareholders of record as of March 15, 2018. The common dividend represents an annualized yield of approximately 7.4 percent based on the closing price of the Company’s common shares on January 26, 2018.
fuzzy
7 years ago
WILLIAMSBURG, Va., July 25, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (SOHO) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.11 per common share of beneficial interest. The quarterly dividend will be paid on October 11, 2017 to shareholders of record as of September 15, 2017. The common dividend represents an increase of 4.8 percent over the prior period and an annualized yield of approximately 6.7 percent based on the closing price of the Company’s common shares on July 21, 2017.
fuzzy
8 years ago
WILLIAMSBURG, Va., Jan. 31, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (SOHO) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.10 per common share of beneficial interest. The quarterly dividend will be paid on April 11, 2017 to shareholders of record as of March 15, 2017. The common dividend represents an increase of 5.3 percent over the prior period and an annualized yield of approximately 5.8 percent based on the closing price of the Company’s common shares on January 30, 2017.
56Chevy
11 years ago
Hotel REIT Plans to Expand in the South
6/17/2013 | By Carisa Chappell
Drew Sims, chairman and CEO of SoTHERLY Hotels (NASDAQ: SOHO), joined REIT.com for a CEO Spotlight video interview in Chicago at REITWeek 2013: NAREIT's Investor Forum.
SoTHERLY Hotels is a Virginia-based lodging REIT with a portfolio of full-service hotels primarily located in the South. The company, formerly known as MHI Hospitality, underwent a rebranding in April 2013 to more clearly define its mission.
“The reception from the investment community has been very positive. Our company traded for almost 55 years as MHI. My father founded the company back in 1957, so there’s a little nostalgia in changing the name,” Sims said.
After a complete restructuring of the company’s balance sheet and a redirection of its expansion efforts in its core Southern markets, Sims said that the name reflects what the REIT’s mission will be going forward.
He said that while the company has hotels in locations such as Tampa, Miami, Jacksonville, Savannah, Raleigh, Wilmington, NC, and Louisville, Atlanta is one of SoTHerly’s most important markets.
“Those markets are fed out of Atlanta so we feel like having a signature hotel in Atlanta is a must for us. That’s going to be our first stop,” Sims said. “After that it is markets like Houston, Charleston, Charlotte, and others to follow after that.”
When it comes to fundamentals and sustaining the momentum in the hotel sector, Sims said the lack of new supply will help to ensure continued growth.
“It bodes well for the future of our industry. We’re not seeing a lot of new product and as a result of increased demand we’re actually in a very good position for extended growth,” he said. “Our belief is that in the next two or three years we should see a continued growth in rates, and occupancy has already stabilized at a very healthy level.”
http://www.reit.com/Videos/Hotel-REIT-Plans-to-Expand-in-the-South.aspx
56Chevy
11 years ago
SoTHERLY Hotels Inc. Announces Closing of 8.0% Senior Unsecured Notes Offered by Its Operating Partnership; Exercise of Underwriters’ over-Allotment Option and Redemption of Preferred Stock
SoTHERLY Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced the closing, including the full exercise of the underwriters’ over-allotment option, on the 8.0% senior unsecured notes due 2018 (the “Notes”) offered by its operating partnership, Sotherly Hotels LP (the “Operating Partnership”). The aggregate principal amount of the Notes, including the over-allotment option, is $27.6 million. The total net proceeds were approximately $26.0 million after deducting underwriting discounts and commissions and estimated offering expenses. The Notes are expected to be listed on the NASDAQ Global Market under the symbol "SOHOL."
Sandler O'Neill + Partners, L.P. acted as the sole book-runner of the offering, and Boenning & Scattergood, Inc., Incapital LLC, J.J.B. Hilliard, W.L. Lyons, LLC, and Ladenburg Thalmann & Co. Inc. acted as co-managers.
The Company also announced that a portion of the proceeds were used to redeem 100% of the outstanding shares of the Company’s 12% Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock”) for an aggregate redemption price of approximately $11.0 million, including the payment of related accrued but unpaid dividends and any make-whole amounts or premium.
Drew Sims, Chief Executive Officer of the Company, commented, “The successful completion of this combined transaction is a significant milestone for the Company as it concludes the balance sheet enhancement strategy we implemented in 2011. We are very pleased we have accomplished this without diluting our loyal shareholders.” Sims added, “By lowering our cost of capital, ridding ourselves of the restrictions of the Preferred Stock, and adding some dry-powder to the Company’s balance sheet, we are now ready to go back on offense and start growing our Company’s portfolio again.”
http://markets.financialcontent.com/stocks/news/read/25249180/SoTHERLY_Hotels_Inc._Announces_Closing_of_8.0_Senior_Unsecured_Notes_Offered_by_Its_Operating_Partnership
56Chevy
11 years ago
MHI Hospitality Changes Name to SoTHERLY Hotels
MHI Hospitality Corp. (formerly NASDAQ: MDH) has officially rebranded, announcing April 22 that it had changed its name to SoTHERLY Hotels Inc. (NASDAQ: SOHO).
The Virginia-based hotel REIT has held the MHI name since the 1950s. However, a name change has been in the works for several years, according to company executives, who said that the name MHI offered little value today in terms of accurately representing the company.
“It’s a bittersweet day. My dad founded the company in 1957, so I’ve spent a lifetime with MHI,” said Drew Sims, CEO of SoTHERLY Hotels. “We were looking for a name that more clearly defined what we’re going to be about and where we are going in the future. “Even though MHI has been around for 56 years, it doesn’t tell the story of what we’ve accomplished and what we’re trying to do.”
Since the company’s initial public offering in 2004, Sims said it has accumulated a portfolio of unique, upper upscale and upscale hotels assets primarily located in premier destination markets throughout the southern portion of the United States. Sims noted that the new name symbolizes the current and future footprint of its portfolio.
SoTHERLY Hotels Inc. has a long-term goal of building a larger portfolio throughout the South, according to Sims. He said the company plans to expand its footprint to select markets that fit its growth strategy, including Atlanta; Houston; Nashville, Tenn.; and Charleston, S.C.
“The type of markets we’re going to be looking for in the South is going to be representative of the major drivers of travel in the South. The location has also got to be in a central business district and in a nice walking location,” he said.
He added that as the population continues to migrate towards warmer climates, lower taxes and expanding business hubs, the long-term growth prospects in the South are appealing.
Sims said that the name change comes at a time when the company’s portfolio is performing strongly. The company’s revenue per available room (RevPAR) in 2012 increased to $78.65, up 7.8 percent from 2011 as a result of a 4.1 percent increase in occupancy and a 3.6 percent increase in the average daily rate.
In conjunction with the name change, the company also launched its new website, www. SOTHERLYHOTELS.com.
http://www.reit.com/Articles/MHI-Hospitality-Changes-Name-to-SoTHERLY-Hotels.aspx
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