Sotherly Hotels ( (SOHO) ) has released its Q3 earnings. Here is a breakdown of the information Sotherly Hotels presented to its investors.
Sotherly Hotels Inc., a self-managed lodging real estate investment trust, focuses on acquiring, renovating, and repositioning full-service hotels primarily in the Southern United States.
In its latest earnings report for the third quarter of 2024, Sotherly Hotels Inc. reported an increase in total revenue and hotel EBITDA, despite a rise in net loss attributable to common stockholders compared to the previous year.
The company’s total revenue rose to $40.7 million for the quarter, up from $39.2 million in the previous year. Hotel EBITDA also increased to approximately $8.1 million, reflecting the company’s operational efficiency. However, the net loss attributable to common stockholders rose significantly to approximately $5.6 million, a notable increase from $3.9 million in the prior year, due to factors including increased interest expenses and challenges posed by Hurricane Helene impacting their Tampa property.
Looking ahead, Sotherly Hotels Inc. remains focused on strategic investments and renovations, including significant improvements planned for its Jacksonville property. Despite the challenges, the management remains optimistic about recovering from weather-related impacts through insurance and maintaining growth in revenue and operational performance.
