Sotherly Hotels Inc. Reports Financial Results for the Fourth Quarter Ended December 31, 2024

Core Viewpoint Sotherly Hotels Inc. reported its financial results for the fourth quarter and full year of 2024, showing an increase in total revenues and Hotel EBITDA, despite a net loss attributable to common stockholders. The company is optimistic about ongoing improvements in demand across its hotel portfolio as it transitions into 2025. Financial Performance - Total revenues for Q4 2024 were approximately $44.0 million, up from $42.1 million in Q4 2023, representing a 4.2% increase [2][3] - For the full year 2024, total revenues increased to approximately $181.9 million, compared to $173.8 million in 2023, marking a 4.6% growth [2][3] - Net loss attributable to common stockholders for Q4 2024 was approximately $3.0 million, compared to a loss of $2.7 million in Q4 2023, reflecting a 12.4% increase in loss [5] - For the full year, net loss attributable to common stockholders increased by 65.4% to approximately $6.7 million from $4.0 million in 2023 [5] Key Metrics - RevPAR for Q4 2024 was $108.99, a 2.6% increase from $106.25 in Q4 2023, driven by a 4.1% increase in occupancy [2][3] - For the full year, RevPAR increased by 3.7% to $119.26 from $114.96 in 2023 [2] - Hotel EBITDA for Q4 2024 was approximately $10.7 million, up from $10.3 million in Q4 2023, a 3.9% increase [5] - Adjusted FFO for Q4 2024 decreased by 30.3% to approximately $2.0 million from $2.8 million in Q4 2023 [5] Balance Sheet and Liquidity - As of December 31, 2024, the company had approximately $28.7 million in available cash, with $21.4 million reserved for various expenses [4] - The company had outstanding debt of approximately $319.3 million at a weighted average interest rate of 5.88% [4] 2025 Outlook - The company is encouraged by improvements in demand in markets that were slow to recover post-pandemic, particularly in Houston, Atlanta, Hollywood (Florida), and Philadelphia [3] - Guidance for 2025 includes expectations for continued revenue growth and profitability improvements across its portfolio [5]