SOHO - Sotherly Hotels posts higher Q4 operating metrics but some weakness seen in Nov

• Sotherly Hotels ( NASDAQ: SOHO ) on Monday reported growth in Q4 preliminary same-store portfolio metrics, driven by improved returned-to-office rate and expanded group business travel.
• But the preliminary results reflected impact by Hurricane Nicole and weakening demand in South Florida during November.
• Shares of the lodging REIT slipped 1.1% in early trade.
• Preliminary Q4 occupancy rate for Sotherly's ( SOHO ) 10 wholly-owned properties was 58%, up 7.3% Y/Y and down 13.4% from 2019.
• RevPAR stood at $101.52, up 19.8% Y/Y and down 1.9% from 2019, while average daily rate rose 11.8% Y/Y to $176.93 (up 13.3% from 2019).
• "Room rates continued to outperform the prior period across all segments. These trends were especially notable in October as RevPAR outpaced the same period in 2019 by 2.6%," said CEO Dave Folsom.
• Earlier, Sotherly ( SOHO ) reported improved operating metrics in September .

For further details see: