The following is a summary of the Sotherly Hotels Inc. (SOHO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Sotherly Hotels reported Q4 revenue of $42.1 million, up 1.9% over the last quarter of the previous year, and a rise of 4.7% in total revenue year-to-date at $173.8 million.

• Hotel EBITDA stood at $10.3 million for the quarter and $44.8 million year-to-date, marking a decrease compared to 2022.

• Adjusted FFO was approximately $2.8 million for the quarter and $14.5 million year-to-date, experiencing a decrease over the previous year.

• The company held total cash of approximately $26.2 million, with outstanding debt of $318.9 million at a weighted average interest rate of 5.42%.

• 2024 projections expect a revenue increase of 4% and Hotel EBITDA increase of 3.8% over 2023. However, adjusted FFO is forecasted to decrease by 8.7% due to an increase in interest expense.

Business Progress:

• Sotherly Hotels saw a 7% RevPar growth over the previous year. However, occupancy is still 630 basis points below 2019 levels.

• The Tampa hotel loan was refinanced successfully, providing cash proceeds of over $10 million to the company.

• Properties in Savannah, Wilmington, and Tampa performed well due to rising demand, while hotels in urban markets like Philadelphia, Atlanta, and Houston are expected to fuel growth.

• Q1 2024's group revenue is pacing 20% ahead of last year; the full year booking pace is 14% ahead of the previous year.

• Future growth prospects are being seen due to changing traveler preferences, increasing corporate travel, and the strength of leisure travel.

• The company secured a $35 million loan collateralized by Hotel Alba for general corporate purposes.

More details: Sotherly Hotels Inc IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.