Q1 2025 Sotherly Hotels Inc Earnings Call Transcript
Key Points
- RevPAR increased by 6.4% year-over-year, driven by a 6.4% increase in occupancy.
- Urban markets showed strong recovery, with significant occupancy gains, indicating stabilized lodging fundamentals.
- Hotel EBITDA increased by 9.4% over the prior year when excluding a one-time COVID-related grant.
- The DoubleTree Philadelphia airport saw a 34.3% increase in RevPAR, driven by a 38.7% increase in occupancy.
- Sotherly Hotels Inc (SOHO) signed new 10-year franchise agreements with Hilton for properties in Philadelphia and Jacksonville, indicating long-term strategic partnerships.
- Hotel Alba in Tampa continues to face operational disruptions due to Hurricane Helene, impacting performance.
- Adjusted FFO decreased by approximately $0.7 million from the same quarter last year.
- The company faces upcoming debt maturities in Atlanta and Hollywood, amidst broader uncertainty in the debt markets.
- There is a potential impact from macroeconomic uncertainty, affecting consumer sentiment and booking patterns.
- Sotherly Hotels Inc (SOHO) has an accrued balance of $21.9 million in unpaid preferred dividends, indicating financial obligations.
Good morning, all. And thank you for joining us. The Southerly Hotels Q1 2025 conference call and webcast. My name is Kyle. I'll be coordinating the call today. (Operator Instructions)
And then I turned over to our host Scott Kucinski, Chief Operating Officer of Sotherly Hotels. The floor is yours.
Thank you and good morning, everyone. If you do 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 REIT requirements.
Any statements made during this conference call, which are not historical, they 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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