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Sotherly Hotels Inc. (SOHO+0.71%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $50.7 million from $49.0 million in the same quarter the previous year. The increase is attributed to higher room occupancy and food and beverage revenues.
Room revenue increased to $34.6 million from $33.3 million, driven by a 4.0% increase in occupancy. Food and beverage revenue rose to $9.9 million from $9.5 million, with higher demand at several properties.
Hotel operating expenses increased to $35.0 million from $34.2 million, reflecting higher room and food and beverage expenses due to increased revenue.
Corporate general and administrative expenses decreased to $1.6 million from $1.8 million, primarily due to reduced legal and professional fees.
Interest expense increased to $5.0 million from $4.3 million, influenced by the end of interest rate swaps and refinancing activities.
The company reported a net income of $4.7 million, down from $5.3 million in the previous year, due to increased interest expenses and other financial activities.
Sotherly's portfolio consists of ten full-service hotels and interests in two condominium hotels, with a focus on upscale and upper-upscale properties in the southern United States.
The company maintains a strategy of acquiring, renovating, and repositioning properties to enhance value and performance.
The filing also details financial covenants, liquidity, and capital resources, highlighting the company's efforts to manage debt and finance future growth.
Sotherly continues to monitor market conditions and adjust its operations to maintain financial stability and pursue strategic opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sotherly Hotels Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.