WILLIAMSBURG, Va., April 25, 2017 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.105 per common share of beneficial interest. The quarterly dividend will be paid on July 11, 2017 to shareholders of record as of June 15, 2017. The common dividend represents an increase of 5.0 percent over the prior period and an annualized yield of approximately 7.3 percent based on the closing price of the Company’s common shares on April 21, 2017.
The Board of Directors also authorized, and the Company has declared, a regular quarterly cash dividend of $0.50 per share of beneficial interest of the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The quarterly preferred dividend will be paid on July 17, 2017 to shareholders of record as of June 30, 2017.
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 and upper-upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in eleven hotel properties, comprising 2,838 rooms, and an interest in the Hyde Resort & Residences, a 400-unit luxury condo-hotel. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.