Sotherly Hotels Inc. Completes Sale of Raleigh, NC Hotel, Partially Repays Corporate Debt
Total revenue increased to approximately $38.4 million for the three months ended March 31, 2022 from approximately $22.6 million during the comparable period in 2021. Total revenue for the three months ended March 31, 2022 was 19.1% below total revenue of approximately $47.4 million during the comparable 2019 period.
The Company generated adjusted FFO of approximately $3.0 million during the first quarter 2014, an increase of 37.9% or approximately $0.8 million over the first quarter 2013.
Hotel EBITDA. The Company generated Hotel EBITDA of approximately $8.0 million during the second quarter 2013, an increase of 3.3% or approximately $0.3 million over the second quarter 2012.
Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, 'Although we experienced slower than expected top line growth, our management team continued to increase average daily rate, leading to improved margins and resulting in solid first quarter results. During the first quarter 2013, adjusted FFO increased 80.2% and adjusted EBITDA increased 15.1% over the first quarter 2012.'