The following is a summary of the Sotherly Hotels Inc. (SOHO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue grew 3.4% year-over-year to approximately $50.7 million.

• Hotel EBITDA increased by 5.8% for the quarter to approximately $15.7 million, with year-to-date increases of 4.2% to about $28.1 million.

• Adjusted FFO for the quarter increased by 6.8% to approximately $7.5 million.

Business Progress:

• Refinanced and entered a new franchise agreement for the DoubleTree by Hilton Jacksonville Riverfront, re-branded as Hotel Bellamy with a planned $14.6 million renovation.

• Extended the first mortgage loan for the DoubleTree Philadelphia Airport Hotel with plans for an $11.5 million renovation.

• Introduced comprehensive improvements across properties, expecting $7 million in routine capital expenditures for 2024.

Opportunities:

• The company's strategic rebranding and renovation efforts are aimed to capture emerging market opportunities.

• Growth is driven by favorable group and business travel trends, especially in urban hotels.

Risks:

• Headwinds from a potential economic slowdown and intensified market competition affecting rate sensitivity particularly in the leisure segment.

More details: Sotherly Hotels Inc IR

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