Sotherly Hotels ( (SOHO) ) has released its Q4 earnings. Here is a breakdown of the information Sotherly Hotels presented to its investors.
Sotherly Hotels Inc. is a self-managed lodging real estate investment trust (REIT) that focuses on acquiring, renovating, and repositioning upscale to upper-upscale full-service hotels primarily in the Southern United States. The company operates under brands such as Hilton and Hyatt and is headquartered in Williamsburg, Virginia.
In its latest earnings report, Sotherly Hotels Inc. announced a slight increase in total revenues for the fourth quarter of 2024, reaching $44.0 million, compared to $42.1 million in the same period of 2023. However, the company reported a net loss attributable to common stockholders of $3.0 million for the quarter, an increase from the $2.7 million loss reported in the previous year.
Key financial metrics revealed that while total revenues and Hotel EBITDA saw growth, with the latter increasing to $10.7 million from $10.3 million, the company faced challenges with a 30.3% decrease in Adjusted Funds From Operations (FFO) for the quarter. The company’s RevPAR also improved slightly due to increased occupancy rates, despite a decrease in the average daily rate.
Looking ahead, Sotherly Hotels Inc. remains optimistic about 2025, projecting total revenues between $183.4 million and $188.2 million. The company is encouraged by the improving demand in several markets and continues to focus on strategic renovations and refinancing efforts to enhance its portfolio’s performance.