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 fourth quarter 2022 were as follows:
| October Results | December Results | ||||||
| Oct-22 | % Variance to 2021 | % Variance to 2019 | Dec-22 | % Variance to 2021 | % Variance to 2019 | ||
| Occupancy | 69.9% | 16.6% | -8.6% | Occupancy | 48.1% | 4.8% | -14.4% |
| ADR | $186.12 | 12.9% | 12.0% | ADR | $169.69 | 8.9% | 18.6% |
| RevPAR | $129.16 | 31.6% | 2.6% | RevPAR | $80.75 | 13.7% | 1.3% |
| November Results | Q4 Results | ||||||
| Nov-22 | % Variance to 2021 | % Variance to 2019 | Q4 2022 | % Variance to 2021 | % Variance to 2019 | ||
| Occupancy | 55.8% | -0.7% | -18.3% | Occupancy | 58.0% | 7.3% | -13.4% |
| ADR | $170.96 | 12.2% | 10.2% | ADR | $176.93 | 11.8% | 13.3% |
| RevPAR | $94.43 | 11.0% | -10.1 | RevPAR | $101.52 | 19.8% | -1.9% |
"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," commented Dave Folsom, the Company’s President and Chief Executive Officer. "Lodging fundamentals during the quarter were fueled by an improved returned-to-office rate and as well as expanded group business travel. Meantime, room rates continued to outperform the prior period across all segments of business. These trends were especially notable in October, as RevPAR outpaced the same period in 2019 by 2.6%.”
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.