Q4 2024 Sotherly Hotels Inc Earnings Call Transcript
Key Points
- Sotherly Hotels Inc (SOHO) reported a 2.9% increase in revPAR for Q4 2024, driven by a 7% increase in occupancy.
- Excluding the impact of Hurricane Helene, the actual portfolio revPAR increased by 5.8% compared to the prior year.
- The DoubleTree Resort in Hollywood, Florida, posted a strong 13.8% increase in revPAR, fueled by a 13.4% increase in occupancy.
- The Whitehall in Houston showed significant growth, with revPAR increasing by nearly 50%, driven by a 46.1% increase in occupancy.
- The company executed new 10-year franchise agreements with Hilton for properties in Philadelphia and Jacksonville, indicating long-term growth plans.
- The ADR decreased by 3.7% in Q4 2024, partially offsetting occupancy gains.
- Hurricane Helene caused significant operational impacts at Hotel Alba, with ongoing effects expected through Q2 2025.
- Adjusted FFO for Q4 2024 decreased by approximately $850,000 compared to the same quarter in 2023.
- Interest costs are expected to increase due to refinancing activities, impacting FFO negatively.
- The company received a notice from Nasdaq regarding its stock trading below $1, which may require a reverse stock split to comply with listing requirements.
Good morning all, and thank you for joining us with the Sotherly Hotels Q4 2024 conference call and webcast. My name is Carly, and I'll be coordinating the call today. (Operator Instructions)
I'll now hand it over to your host, Mack Sims, Vice President of Operations. The floor is yours.
Thank you, and good morning, everyone. If you did not receive a copy of the earnings release, you may access it on our website at southerlyhotels.com. In the release, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with refugee requirements. Any statements made during this conference call, which are not historical, may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained.
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