Sotherly Lodges Inc. Reviews Preliminary Working Outcomes for the Third Quarter Ended September 30, 2022, and Offers Hurricane Ian Portfolio Replace

Sotherly Hotels Inc.

Sotherly Lodges Inc.

WILLIAMSBURG, Va., Oct. 03, 2022 (GLOBE NEWSWIRE) — Sotherly Lodges Inc. (NASDAQ: SOHO), (“Sotherly” or the “Firm”), a self-managed and self-administered lodging actual property funding belief (a “REIT”), right this moment reported preliminary working outcomes for the Firm’s ten wholly-owned properties, (“same-store” portfolio metrics). Accordingly, the precise information doesn’t embrace the collaborating condominium resort rooms of the Hyde Resort & Residences and the Hyde Seashore Home, the Sheraton Louisville Riverside, or the DoubleTree by Hilton Raleigh Brownstone. As well as, the Firm reported no bodily harm to its portfolio from Hurricane Ian, the Class 4 storm that made landfall within the US final week.

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

July Outcomes

 

September Outcomes

 

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 Outcomes

 

Q3 Outcomes

 

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

$91.04

9.1%

-2.1%

RevPAR

$103.18

12.1%

2.5%

“We’re inspired with these preliminary outcomes for the third quarter, which replicate the sustained restoration of the Firm’s operations,” commented Dave Folsom, the Firm’s President and Chief Govt Officer. “Lodging fundamentals throughout the first half of the quarter have been pushed by the continued energy of leisure demand, particularly at our coastal locations. In the meantime, fueled by an improved returned-to-office price and an expanded convention schedule, group and transient enterprise journey exercise demonstrated an encouraging restoration in September. Notably, occupancy throughout September, which was solely 2.2% off 2019 ranges, represented one of the best comparability versus 2019 because the onset of the pandemic.”

About Sotherly Lodges Inc.

Sotherly Lodges Inc. is a self-managed and self-administered lodging REIT centered on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service resorts within the Southern United States. Sotherly may additionally opportunistically purchase resorts all through america. At the moment, the Firm’s portfolio consists of investments in ten resort properties, comprising 2,786 rooms, in addition to pursuits in two condominium resorts and their related rental applications. The Firm owns resorts that function beneath the Hilton Worldwide and Hyatt Lodges Company manufacturers, in addition to unbiased resorts. Sotherly Lodges Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For extra data, please go to www.sotherlyhotels.com.

Ahead-Wanting Statements

This information launch consists of “forward-looking statements” inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended, and as such might contain recognized and unknown dangers, uncertainties and different elements which can trigger our precise outcomes, efficiency or achievements to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Ahead-looking statements, that are based mostly on sure assumptions and describe our present methods, expectations, and future plans are typically recognized by our use of phrases, akin to “intend,” “plan,” “might,” “ought to,” “will,” “venture,” “estimate,” “anticipate,” “consider,” “anticipate,” “proceed,” “potential,” “alternative,” and related expressions, whether or not within the adverse or affirmative, however the absence of those phrases doesn’t essentially imply {that a} assertion isn’t forward-looking. All statements concerning our anticipated monetary place, enterprise and financing plans are forward-looking statements.

Components which may have a cloth adversarial impact on the Firm’s future operations, outcomes, efficiency and prospects, embrace, however aren’t restricted to: nationwide and native financial and enterprise circumstances that have an effect on occupancy charges and revenues at our resorts and the demand for resort services; dangers related to the resort business, together with competitors and new provide of resort rooms, will increase in wages, power prices and different working prices; dangers related to the extent of our indebtedness and our means to fulfill covenants in our debt agreements, together with our just lately negotiated forbearance agreements and mortgage modifications and, as obligatory, to refinance or search an extension of the maturity of such indebtedness or additional modification of such debt agreements; dangers related to adversarial climate circumstances, together with hurricanes; impacts on the journey business from pandemic ailments, together with COVID-19; the supply and phrases of financing and capital and the overall volatility of the securities markets; administration and efficiency of our resorts; dangers related to sustaining our system of inside controls; dangers related to the conflicts of curiosity of the Firm’s officers and administrators; dangers related to redevelopment and repositioning tasks, together with delays and value overruns; provide and demand for resort rooms in our present and proposed market areas; dangers related to our means to keep up our franchise agreements with our third social gathering franchisors; our means to amass further properties and the danger that potential acquisitions might not carry out in accordance with expectations; our means to efficiently increase into new markets; legislative/regulatory modifications, together with modifications to legal guidelines governing taxation of actual property funding trusts (“REITs”); the Firm’s means to keep up its qualification as a REIT; and our means to keep up satisfactory insurance coverage protection. Though the Firm believes that the assumptions underlying the forward-looking statements contained herein are cheap, any of the assumptions might be inaccurate, and subsequently there might be no assurance that such statements included on this report will show to be correct. In gentle of the numerous uncertainties inherent within the forward-looking statements included herein, the inclusion of such data shouldn’t be thought to be a illustration by the Firm or every other individual that the outcomes or circumstances described in such statements or the aims and plans of the Firm will probably be achieved.

Further elements that would trigger precise outcomes to range from our forward-looking statements are set forth beneath the part titled “Threat Components” in our Annual Report on Kind 10-Okay, on this report and subsequent stories filed with the Securities and Alternate Fee. The Firm undertakes no obligation to and doesn’t intend to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions or in any other case. Though the Firm believes its present expectations to be based mostly upon cheap assumptions, it can provide no assurance that its expectations will probably be attained or that precise outcomes won’t differ materially.

CONTACT: Contact on the Firm: Mack Sims Vice President – Operations & Investor Relations Sotherly Lodges Inc. 306 South Henry Road, Suite 100 Williamsburg, Virginia 23185 757.229.5648

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