Sotherly Hotels Inc. Grants Quarterly Preferred Dividends
Sotherly Hotels Inc. (NASDAQ: SOHO) has made an important announcement regarding the financial rewards for its investors. This news is a significant step as the Company continues its commitment to providing value to its shareholders through quarterly cash dividends across its various preferred stock series.
Details of the Cash Dividends
The Board of Directors at Sotherly Hotels has confirmed a quarterly cash dividend of $0.50 per share for holders of the 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. Shareholders will benefit from this payment on December 16, benefiting those whose shares are recorded by November 29.
Additionally, the Board has authorized a quarterly cash dividend of $0.4921875 per share concerning the 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. This too will be enacted on December 16, with the same cutoff date for record holders.
Finally, the 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock has also been recognized, with dividends set at $0.515625 per share. Like the previous dividends, this payment is scheduled for December 16th and requires shareholders to be on record as of November 29.
Overview of Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and self-administered lodging Real Estate Investment Trust (REIT). The Company specializes in acquiring, renovating, and rebranding upscale to upper-upscale full-service hotels primarily located in the Southern United States. However, it also looks for opportunities outside this region to expand its portfolio.
With a diverse collection of investments, Sotherly Hotels currently operates ten hotel properties that encompass 2,786 rooms and holds interests in two condominium hotels, enhancing its rental programs and offerings. Their properties include popular brands such as Hilton Worldwide and Hyatt Hotels Corporation, demonstrating a robust brand strategy alongside the independent hotels that the Company manages.
Commitment to Growth and Stability
Founded in 2004 and based in Williamsburg, Virginia, Sotherly Hotels remains dedicated to increasing the quality of its hotel offerings, providing exceptional service to guests while ensuring shareholders see positive returns. The focus will continue to remain on strategically enhancing and repositioning assets to align with market needs.
What Lies Ahead for Sotherly Hotels
As Sotherly Hotels Inc. progresses, it aims to fortify its presence in the hospitality sector. With the ongoing improvements and diversifications of hotel properties, the Company is well-positioned for future growth. Moreover, the consistent dividends indicate a solid financial foundation, promising potential investors an attractive proposition.
Strategic Positioning in the Hotel Industry
In the competitive hotel landscape, Sotherly's strategic initiatives allow it to navigate challenges effectively and seize opportunities. The Company’s investment philosophy emphasizes sustainable growth while maximizing overall value for stakeholders.
Frequently Asked Questions
What are the latest quarterly dividend amounts declared by Sotherly Hotels?
The latest quarterly dividends declared are $0.50 for Series B, $0.4921875 for Series C, and $0.515625 for Series D preferred stock.
When will the dividends be paid out?
The dividends will be paid on December 16 to shareholders of record as of November 29.
What types of properties does Sotherly Hotels Inc. invest in?
Sotherly Hotels invests in upscale to upper-upscale full-service hotels, with properties operating under established brands like Hilton and Hyatt.
Where is Sotherly Hotels Inc. headquartered?
The Company is headquartered in Williamsburg, Virginia.
How long has Sotherly Hotels been in operation?
Sotherly Hotels Inc. was established in 2004 and has been operating in the hospitality sector with a strategic focus on growth and quality.
