SOHO - Sotherly Hotels posts solid occupancy RevPAR gains in preliminary Q1

2023-04-03 17:14:30 ET

• Sotherly Hotels' ( NASDAQ: SOHO ) occupancy, average daily rate and revenue per available room all rose markedly in Q1 from a year before, the lodging REIT said Monday.
• "Lodging fundamentals during the quarter were fueled by the sustained strength in demand for leisure travel combined with improved demand for group and business travel, particularly in our urban locations,” said Sotherly President and CEO Dave Folsom.
• For its preliminary first-quarter results, the company's occupancy rate of 60.5% gained 11.4% from a year ago; ADR of $189.08 advanced 9.2%; and RevPAR of $113.28 climbed 21.4%.
• SOHO advanced 2.5% in after-hours trading.
• Previously, (March 2) Sotherly Hotels turned in softer-than-expected Q4 revenue .

For further details see: