Sotherly Hotels Inc. Reports Preliminary Operating Results For The Second Quarter Ended June 30, 2023

WILLIAMSBURG, Va., July 06, 2023 (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, or the DoubleTree by Hilton Raleigh Brownstone.

Preliminary same-store portfolio metrics for the second quarter 2023 were as follows:

April Results						June Results
	Apr-23			% Variance to 2022			Jun-23			% Variance to 2022
Occupancy		71.9%		-0.8%		Occupancy		70.6%		4.1%
ADR	$193.84			3.6%		ADR	$178.46			3.3%
RevPAR	$138.11			2.8%		RevPAR	$124.79			7.7%
May Results						Q2 Results
	May-23			% Variance to 2022			Q2 2023			% Variance to 2022
Occupancy		69.3%		1.4%		Occupancy		70.6%		1.5%
ADR	$190.02			3.2%		ADR	$187.49			3.3%
RevPAR	$130.61			4.7%		RevPAR	$131.16			5.0%

"Overall, we are encouraged with these preliminary results for the second quarter which reflect the sustained strength in demand for leisure travel and sequential improvement in group and business travel, with our urban markets fueling year-over-year gains,” commented Dave Folsom, the Company’s President and Chief Executive Officer.