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WILLIAMSBURG, Va. -On Thursday, Sotherly Hotels Inc. (NASDAQ:SOHO) reported fourth quarter results that fell short of analyst expectations.
The company’s shares were down -7.41% in premarket trading following the release.
The lodging real estate investment trust posted revenue of $43.95 million for the quarter, missing the consensus estimate of $44.4 million. Adjusted funds from operations (FFO) came in at $0.10 per share.
For the full year 2024, Sotherly reported total revenue of $181.9 million, up 4.6% from $173.8 million in 2023. Hotel EBITDA increased 4.5% to $46.8 million.
"The fourth quarter continued the positive trends we witnessed in 2024, as both total revenues and Hotel EBITDA saw incremental increases over the fourth quarter of 2023," said Dave Folsom, President and CEO of Sotherly Hotels.
The company’s composite portfolio RevPAR increased 2.6% to $108.99 in Q4, driven by a 4.1% rise in occupancy to 64.1%, partially offset by a 3.9% decrease in average daily rate to $170.10.
Looking ahead, Sotherly provided 2025 revenue guidance of $183.4 million to $188.2 million.
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