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Earnings
Sotherly Hotels reports Q1 EPS ($1.01), consensus (15c) » 06:36
06/24/20
06/24
06:36
06/24/20
06:36
SOHO

Sotherly Hotels

$2.95 /

-0.11 (-3.59%)

Reports Q1 revenue…

Reports Q1 revenue $37.2M, consensus $26.1M. Reports Q1 adjusted FFO (23c) vs. 31c a year ago. RevPAR decreased 26.0% overQ1 to $90.22 reflecting a 22.5% decrease in occupancy and a 4.4% decrease in ADR. CEO Dave Folsom commented, "In Q1, we saw the unfolding COVID-19 pandemic create the most impactful negative lodging environment in Sotherly's 63-year history. (...) We reduced our corporate staff by over 20%, and all employees, including our executive staff, took substantial reductions in pay and benefits, while all non-critical home office expenses were curtailed. Our Board of Directors concurrently waived all their fees and compensation for the quarter, and will revisit additional waivers each quarter. Our hotels have remained technically open during the pandemic, albeit with only a small cadre of key personnel that are needed to service minimal occupancy, but whose presence is necessary to ensure a smooth transition during the anticipated recovery, once government restrictions are lifted in our markets and customer demand returns. In recent weeks, we have seen some initial signs of increased demand for hotel rooms, but any material improvement in the lodging industry will ultimately depend upon actions taken by local, State, and Federal officials and consumer confidence regarding containment of the virus."

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SOHO Sotherly Hotels
$2.95 /

-0.11 (-3.59%)

SOHO Sotherly Hotels
$2.95 /

-0.11 (-3.59%)

Over a month ago
Hot Stocks
Sotherly Hotels implements cost control measures » 17:02
05/01/20
05/01
17:02
05/01/20
17:02
SOHO

Sotherly Hotels

$1.91 /

-0.15 (-7.28%)

Sotherly Hotels announced…

Sotherly Hotels announced that it has undertaken additional actions at both the property and corporate levels to mitigate the financial impact of the COVID-19 pandemic, while at the same time has increased its focus on maintaining a clean and safe environment for its employees and guests. At the property-level, the company and its hotel managers have implemented stringent cost control measures designed to minimize impact to profitability. Action steps include the closure of food and beverage outlets and other non-essential guest amenities in order to shrink the footprint of the properties; the downsizing of staffing levels and benefits, including the layoff of over 90% of hotel staff with reductions in salary for staff not subject to layoff; and the deferral of all non-vital capital expenditures. While the company's wholly owned properties remain in operation in a limited-service capacity, the company has suspended rental program operations at its two condominium properties: The Hyde Resort & Residences and The Hyde Beach House Resort & Residences. The company is also working with its management partners to seek out alternative sources of revenue, including pursuing contracts with medical personnel and government authorities to provide accommodations for individuals responding to the pandemic. At the corporate-level, the company has implemented several cost-containment initiatives, which include the furlough of over 20% of staff, a reduction in salaries and benefits for all staff not subject to furlough, and the waiving of Q1 director's fees by the company's board of directors. As part of the change, Dave Folsom, President and CEO, has volunteered to reduce his salary by approximately 25%. The company has also negotiated three months of rental deferral for its corporate office. The company is taking additional measures designed to strengthen its balance sheet, including working with its lenders on forbearance agreements for each of its mortgage loans. To date, the company has been successful in completing a variety of modifications with a majority of its lenders which will provide immediate financial relief and we expect that modifications for the remaining mortgage loans are nearing completion. Additionally, the company is applying for applicable federally funded assistance programs under the CARES Act. The company and its affiliates have received proceeds from two separate applications for the Paycheck Protection Program totaling approximately $9.8M. Pursuant to the terms of the CARES Act, the proceeds of each PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs.

Over a quarter ago
Hot Stocks
Sotherly Hotels announces suspension of common stock, including Q1 » 18:34
03/17/20
03/17
18:34
03/17/20
18:34
SOHO

Sotherly Hotels

$2.74 /

+1.14 (+71.25%)

Sotherly Hotels announced…

Sotherly Hotels announced that it has implemented rigorous cost-savings measures to minimize the impact of revenue declines resulting from cancellations, corporate travel restrictions, and government mandated closures related to concerns surrounding COVID-19. The Company is taking the following actions at the property and corporate level: The company is working with its management partners to implement aggressive cost control measures at the property-level in order to minimize impact to profitability. Included in this policy, the company is deferring all non-vital capital expenditures at its properties. Corporate G&A has been significantly decreased, including immediate reductions in compensation and benefits for all corporate staff. As part of this change, the company's board of directors has agreed to waive all director's fees for the quarter. As approved by its board of directors, the company is announcing the suspension of its regular quarterly cash common stock dividends in order to preserve liquidity and ensure future success. The Company is also deferring payment of the previously declared first quarter dividend that was to be paid April 9, 2020 to stockholders of record on March 13, 2020.

Earnings
Sotherly Hotels says COVID-19 to have adverse impact on Q1, withdraws FY20 view » 17:52
03/09/20
03/09
17:52
03/09/20
17:52
SOHO

Sotherly Hotels

$3.35 /

-1.44 (-30.06%)

Sotherly Hotels announced…

Sotherly Hotels announced that it has withdrawn its 2020 Guidance provided on February 27, 2020 due to the significant number of corporate group cancellations and ongoing corporate travel policy restrictions related to COVID-19. The company's initial guidance issued on February 27, 2020 considered minimal impact from the COVID-19 outbreak. However, governmental travel advisories, increased travel restrictions from corporations, and significant airline flight cancellations are expected to adversely impact the Company's financial results for Q1 2020 and the year as a whole. Dave Folsom, CEO of the company commented, "We are closely monitoring the COVID-19 outbreak and are working with our management teams to minimize the impact of the outbreak to the extent possible and to ensure the safety of our guests. The company and lodging industry in general have seen a substantial amount of corporate group-related cancellations and sharp decline in transient business travel due to concerns about COVID-19. As a result, we have chosen to withdraw our initial guidance until we can fully analyze the situation. Due to the developing nature of the situation surrounding COVID-19, we will wait until the situation stabilizes prior to issuing new guidance."

Hot Stocks
Sotherly Hotels CEO Drew Sims to step down, Dave Folsom to succeed » 16:07
11/26/19
11/26
16:07
11/26/19
16:07
SOHO

Sotherly Hotels

$6.60 /

+0.02 (+0.30%)

Sotherly Hotels announced…

Sotherly Hotels announced that its board has unanimously approved the promotion of three key members of the management team for an evolution of the company's senior leadership structure. Under the new structure, company veteran Dave Folsom, president and COO, will continue as president and will succeed Drew Sims as CEO of the company, effective January 1, 2020. Sims will continue as chairman of the board as an employee of the company and be responsible for advising the company on strategic matters and major transactions, including acquisitions, dispositions, franchising and branding decisions, as well as capital market transactions. In addition, Scott Kucinski, VP of operations and investor relations, is being promoted to executive VP and COO of the company and Bert Kirkland, compliance officer, is being promoted to general counsel, both effective January 1, 2020. Folsom joined the company in 2006 after serving as VP of Paragon Real Estate. Kucinski joined the company in 2004 and as VP of operations and investor relations has helped oversee the company's corporate operations activities including capital markets transactions, acquisitions and dispositions, asset management, and investor relations and compliance matters. Kirkland joined the company in 2013. As compliance officer, he has helped manage the company's public company compliance program, provided legal support for various corporate transactions and managed the shareholder service function of the company, while acting as a conduit to outside counsel. Drew Sims will step down as CEO after having served fifteen years in that role.

Hot Stocks
Sotherly Hotels acquires hotel commercial unit in Florida » 16:03
09/30/19
09/30
16:03
09/30/19
16:03
SOHO

Sotherly Hotels

$6.68 /

+ (+0.00%)

Sotherly Hotels announced…

Sotherly Hotels announced that the company has acquired the hotel commercial unit of the Hyde Beach House Resort & Residences located in Hollywood, Florida for $5.35M. In connection with the closing, the company acquired the hotel commercial unit, which consists of the designated lobby and front desk area, offices, and other spaces. The company also entered into a 20-year management agreement for the parking garage and poolside cabanas of the resort, as well as an agreement to operate and manage the condominium association. Pursuant to a pre-opening services agreement, the company received a fee of $1.0M in connection with certain pre-opening preparations. Also in connection with the closing, the company's DoubleTree Resort by Hilton Hollywood Beach received a construction disruption fee of $1.2M and the company acquired commercial unit 3 of the Resort, a +/- 3,000 square foot ballroom that was constructed and conveyed as required pursuant to an existing covenant and easement agreement.

Hot Stocks
Sotherly Hotels enters into Master Agreement » 09:28
09/09/19
09/09
09:28
09/09/19
09:28
SOHO

Sotherly Hotels

$6.78 /

+0.055 (+0.82%)

Sotherly Hotels announced…

Sotherly Hotels announced that the Company has entered into a master agreement with Newport Hospitality Group and Our Town Hospitality for the management of ten of the Company's hotels, effective January 1, 2020. Pursuant to the master agreement, Our Town, a newly formed wholly-owned subsidiary of NHG, will be headquartered in Williamsburg, Virginia and dedicated solely to the management of the Company's hotels. Our Town will be governed by a board of directors which will include two directors selected by the Company. For additional details please reference the Company's Form 8-K filed this morning with the Securities and Exchange Commission.

Hot Stocks
Sotherly Hotels says 'no significant property damage' from Hurricane Dorian » 10:58
09/06/19
09/06
10:58
09/06/19
10:58
SOHO

Sotherly Hotels

$6.72 /

+ (+0.00%)

Sotherly Hotels announced…

Sotherly Hotels announced that it has experienced no significant property damage or injuries at its hotels located in the path of Hurricane Dorian. All hotels remained open during Hurricane Dorian serving the needs of guests and their communities. The Company will utilize its property, flood, and business interruption insurance policies as needed and available. "Our thoughts and prayers are with the countless people and communities who have been impacted by Hurricane Dorian as they recover from this devastating storm," said CEO Drew Sims. "Hurricane Dorian's path directly impacted travel throughout all of the Southeastern United States, which encompasses the majority of our portfolio, however we expect these travel disruptions to be short-term."

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