Sotherly Hotels Inc. Announces Impact From COVID-19
March 09 2020 - 05:50PM
Sotherly Hotels Inc.
(NASDAQ: SOHO)
(the “Company”) today announced that it has withdrawn its 2020
Guidance provided on February 27, 2020 due to the significant
number of corporate group cancellations and ongoing corporate
travel policy restrictions related to COVID-19.
The Company’s initial guidance issued on
February 27, 2020 considered minimal impact from the COVID-19
outbreak. However, governmental travel advisories, increased travel
restrictions from corporations, and significant airline flight
cancellations are expected to adversely impact the Company’s
financial results for Q1 2020 and the year as a whole.
Dave Folsom, President and CEO of the Company
commented, “We are closely monitoring the COVID-19 outbreak and are
working with our management teams to minimize the impact of the
outbreak to the extent possible and to ensure the safety of our
guests. The Company and lodging industry in general have seen a
substantial amount of corporate group-related cancellations and
sharp decline in transient business travel due to concerns about
COVID-19. As a result, we have chosen to withdraw our initial
guidance until we can fully analyze the situation. Due to the
developing nature of the situation surrounding COVID-19, we will
wait until the situation stabilizes prior to issuing new guidance.”
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 (757) 229-5648
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