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Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Sotherly Hotels Inc.
Sotherly Hotels Inc.

WILLIAMSBURG, Va., April 30, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.

The Board of Directors authorized, and the Company has declared, a quarterly cash dividend of $0.50 per share of beneficial interest of the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The Series B preferred dividend will be paid on June 17, 2024 to shareholders of record as of May 31, 2024.

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.4921875 per share of beneficial interest of the Company’s 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. The Series C preferred dividend will be paid on June 17, 2024 to shareholders of record as of May 31, 2024.

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The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.515625 per share of beneficial interest of the Company’s 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock. The Series D preferred dividend will be paid on June 17, 2024 to shareholders of record as of May 31, 2024.

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. For more information, please visit www.sotherlyhotels.com.

CONTACT: Contact at the Company:         Mack Sims         Sotherly Hotels Inc. 306 South Henry Street, Suite 100 Williamsburg, Virginia 23185         (757) 229-5648