SOHO - Sotherly Hotels preliminary Q2 operating metrics improve amid comeback in demand
- Sotherly Hotels ( NASDAQ: SOHO ) stock is rising 3.8% in Wednesday morning trading after its preliminary second quarter revealed an improvement in its operating metrics due to a comeback in demand .
- "The second quarter’s improvements were largely driven by a strong return in demand from the business and group segments, which was layered with the continued strength in leisure demand,” said Sotherly CEO and President Dave Folsom.
- Specifically, Q2 occupancy of 69.5% recovered from 53.9% in preliminary Q1.
- Its average daily rate was $181.61 in Q2 compared with $171.45 in the first quarter.
- And revenue per room for Q2 of $125.05 gained from $91.62 the previous quarter.
- SA contributor Daniel Jones, meanwhile, said in mid-May that Sotherly's outlook is uncertain .
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Sotherly Hotels preliminary Q2 operating metrics improve amid comeback in demand