SOTHERLY HOTELS INC. PROVIDES CLARIFICATION REGARDING ITS FIRST QUARTER PREFERRED STOCK DIVIDENDS
March 20 2020 - 5:00PM
Sotherly Hotels Inc.
(NASDAQ: SOHO)
(the “Company”) today announced further clarification
regarding its preferred stock dividends. On March 17, 2020, the
Company announced that, as a result of the impacts of the COVID-19
pandemic and as approved by its board of directors, it is deferring
payment of its previously announced dividends for its Series B
Cumulative Redeemable Perpetual Preferred Stock, Series C
Cumulative Redeemable Perpetual Preferred Stock, and Series D
Cumulative Redeemable Perpetual Preferred Stock that were each
scheduled to be paid on April 15, 2020 to shareholders of record as
of March 31, 2020. In connection with that payment deferral, the
March 31, 2020 record date for each of those series of preferred
stock has been cancelled. The Company expects to set a new record
date for future dividend payments when approved by its board of
directors.
About Sotherly
Hotels Inc.
Sotherly Hotels Inc. is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to
upper-upscale full-service hotels in the Southern United States.
Currently, the Company’s portfolio consists of investments in
twelve hotel properties, comprising 3,156 rooms, as well as
interests in two condominium hotels and their associated rental
programs. The Company owns hotels that operate under the Hilton
Worldwide, Marriott International, Inc., and Hyatt Hotels
Corporation brands, as well as independent hotels. Sotherly Hotels
Inc. was organized in 2004 and is headquartered in Williamsburg,
Virginia. For more information, please visit
www.sotherlyhotels.com.
Contact at the
Company:
Mack Sims Sotherly
Hotels Inc.306 South Henry Street, Suite 100Williamsburg, Virginia
23185
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