Sotherly Hotels Inc. Reports Preliminary Operating Results for the First Quarter Ended March 31, 2023

Sotherly Hotels Inc. Reports Preliminary Operating Results for the First Quarter Ended March 31, 2023
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Sotherly Hotels Inc. (NASDAQ: SOHO), a self-managed and self-administered lodging real estate investment trust, today reported preliminary operating results for the Company’s ten wholly-owned properties. Accordingly, the actual data does not include the participating condominium hotel rooms of the Hyde Resort & Residences and the Hyde Beach House, the Sheraton Louisville Riverside, or the DoubleTree by Hilton Raleigh Brownstone.

Preliminary same-store portfolio metrics for the first quarter 2023 were as follows:

   
January Results March Results
  Jan-23 % Variance to 2022   Mar-23 % Variance to 2022
Occupancy   48.7%   22.9%   Occupancy   69.4%   -0.7%  
ADR $175.11   13.6%   ADR $197.76   6.1%  
RevPAR $84.48   40.0%   RevPAR $135.93   5.0%  
 
   
February Results Q1 Results
  Feb-23 % Variance to 2022   Q1 2023 % Variance to 2022
Occupancy   63.7%   19.3%   Occupancy   60.5%   11.4%  
ADR $190.45   12.4%   ADR $189.08   9.2%  
RevPAR $120.09   33.9%   RevPAR $113.28   21.4%  

“We’re pleased with these preliminary results for the first quarter which reflect the Company’s continued recovery and strong year-over-year gains,” commented Dave Folsom, the Company’s President and Chief Executive Officer. “Lodging fundamentals during the quarter were fueled by the sustained strength in demand for leisure travel combined with improved demand for group and business travel, particularly in our urban locations.”

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. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corporation brands, as well as independent hotels. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia.

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