Sotherly Hotels: Exciting Updates on Preferred Dividends
Sotherly Hotels Inc. Declares Quarterly Preferred Dividends
In an exciting announcement, Sotherly Hotels Inc., trading under the ticker NASDAQ: SOHO, has shared that its Board of Directors has approved quarterly dividends for its preferred stock offerings. This decision reflects the company's commitment to its investors and underscores their stable financial position.
Details of the Preferred Dividends
The Board has declared a cash dividend of $0.50 per share for the 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. This dividend payment, designed to reward loyal shareholders, is set to occur on March 14. Eligible shareholders will be those who are on record by the end of February.
In addition to this, the Board has also disclosed a quarterly cash dividend of $0.4921875 for the Series C Preferred Stock, which boasts a rate of 7.875%. Like the Series B dividend, it will also be distributed on March 14 to shareholders recorded by the end of February.
Furthermore, the Series D Cumulative Redeemable Perpetual Preferred Stock, offering a dividend of $0.515625 per share, will join the other payments on March 14, ensuring that all preferred shareholders receive their due dividends around the same timeframe.
Understanding Sotherly Hotels Inc.
Sotherly Hotels Inc. stands out in the lodging sector as a self-managed and self-administered real estate investment trust (REIT). The company focuses on acquiring, renovating, and repositioning upscale hotels throughout the Southern United States. However, their vision extends beyond geographic boundaries, allowing for opportunistic purchases across the nation.
Currently, Sotherly Hotels operates a robust portfolio that includes investments in ten hotel properties, which house a total of 2,786 rooms. Their strategic mix also features interests in two condominium hotels, showcasing their versatility and foresight in the hospitality industry.
Commitment to Quality and Growth
The company's assets include hotels that are affiliated with renowned brands such as Hilton and Hyatt, as well as independently run establishments. This mixture of operations supports their mission to cater to a diverse clientele while maintaining high standards in service and quality.
Founded in 2004, Sotherly Hotels is headquartered in the charming locale of Williamsburg, Virginia. This brief history illustrates their longstanding commitment to the hospitality sector, showcasing a successful trajectory and positioning within the market.
Looking Forward
As Sotherly Hotels Inc. continues to implement its growth strategy, the recent declaration of dividends demonstrates their focus on rewarding shareholders, even amid a dynamic economic environment. With a keen eye on future investments and potential acquisitions, this company remains steadfast in its objective to expand and enhance its offerings.
Frequently Asked Questions
What are the recently declared preferred dividends by Sotherly Hotels?
The company has announced dividends of $0.50, $0.4921875, and $0.515625 for Series B, C, and D Preferred Stocks, respectively.
When will the dividends be paid?
The payment date for the declared dividends is set for March 14.
Who qualifies for these dividends?
Shareholders of record as of February 28 will be eligible to receive the dividend payments.
What is Sotherly Hotels known for?
Sotherly Hotels is a self-managed lodging REIT focused on upscale hotel acquisitions and renovations in the Southern U.S. and beyond.
What does the company's portfolio consist of?
The company’s portfolio includes ten hotel properties and interests in two condominium hotels, amounting to a total of 2,786 rooms.
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