Sotherly Hotels Inc. Reports Preliminary Operating Results for the Third Quarter Ended September 30, 2022, and Provides Hurricane Ian Portfolio Update

WILLIAMSBURG, Va., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO), (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported preliminary operating results for the Company’s ten wholly-owned properties, (“same-store” portfolio metrics). 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. 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.

Preliminary same-store portfolio metrics for the third quarter 2022 were as follows:

July Results									September Results
	July 2022			% Variance to 2021		% Variance to 2019				September 2022			% Variance to 2021		% Variance to 2019
Occupancy	67.6%			6.7%		-8.8%			Occupancy	62.2%			17.6%		-2.2%
ADR	$168.84			-0.7%		11.7%			ADR	$172.24			9.4%		11.1%
RevPAR	$112.75			5.6%		1.6%			RevPAR	$105.83			23.6%		8.2%
August Results									Q3 Results
	August 2022			% Variance to 2021		% Variance to 2019				Q3 2022			% Variance to 2021		% Variance to 2019
Occupancy	58.3%			6.9%		-11.3%			Occupancy	62.7%			10.1%		-7.6%
ADR	$158.05			1.8%		10.7%			ADR	$166.56			3.1%		11.3%
RevPAR