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Sotherly Hotels Inc. (SOHO+3.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $181.9 million for 2024, an increase of 4.6% from the previous year. This growth was driven by a 3.8% increase in room revenue, reaching $119.1 million, and a 4.0% increase in food and beverage revenue to $36.6 million.
Hotel operating expenses rose by 4.7% to $135.1 million, reflecting increased occupancy and related costs. Depreciation and amortization expenses increased to $19.4 million.
Net income for 2024 was reported at $1.2 million, a decrease of 69% from the previous year, attributed to higher interest expenses and lower gains from involuntary asset conversions.
The company reported cash and cash equivalents of $7.3 million as of December 31, 2024, with an additional $21.4 million in restricted cash. Cash provided by operating activities was $25.9 million.
Sotherly Hotels Inc. has refinanced several of its properties, including a $35 million mortgage for the Hotel Alba Tampa and a $26.3 million mortgage for the DoubleTree by Hilton Jacksonville Riverfront.
The company continues to maintain its REIT status, distributing at least 90% of its taxable income to shareholders. However, distributions to common stockholders remain suspended as preferred stock distributions are prioritized.
Sotherly Hotels Inc. operates ten full-service hotels primarily in the southern United States, with a focus on upscale and upper-upscale markets. The company plans to continue its strategy of acquiring, renovating, and repositioning hotels to drive growth.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.