Sotherly Hotels Inc. (NASDAQ: SOHO) today announced that the Company has executed a $35.0 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on Hotel Alba, Tapestry Collection by Hilton located in Tampa, Florida.
Total revenue increased to approximately $49.0 million for the three months ended June 30, 2023 from approximately $47.2 million during the comparable period in 2022.
Q2 RevPAR at $131.16 a 5.0% increase over 2022
Sotherly Hotels Inc. (NASDAQ: SOHO) on Friday announced that the Company has executed a $10.0 million secured loan with Citi Real Estate Funding Inc., collateralized by a first mortgage on the DoubleTree by Hilton Laurel in Laurel, Maryland.
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.
'We’re pleased with these preliminary results for the fourth quarter which reflect the Company’s continued recovery, despite the impact caused by Hurricane Nicole and the softening of demand in the South Florida market during the month of November'
In addition, the Company reported no physical damage to its portfolio from Hurricane Ian, the Category 4 storm that made landfall in the US last week.
Total revenue increased to approximately $47.2 million for the three months ended June 30, 2022 from approximately $34.4 million during the comparable period in 2021. Total revenue for the three months ended June 30, 2022 was 8.5% below total revenue of approximately $51.5 million during the comparable 2019 period.
Proceeds Used to Pay Off Corporate Debt
Sotherly Hotels Inc. Completes Sale of Raleigh, NC Hotel, Partially Repays Corporate Debt