WILLIAMSBURG, Va., Oct. 24, 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 $0.11 per common share of beneficial interest. The quarterly dividend will be paid on January 11, 2018 to shareholders of record as of December 15, 2017. The common dividend represents an annualized yield of approximately 7.4 percent based on the closing price of the Company’s common shares on October 20, 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 January 16, 2018 to shareholders of record as of December 29, 2017.
The Board of Directors also authorized, and the Company has declared, a regular quarterly cash dividend of $0.43203 per share of beneficial interest of the Company’s 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. The quarterly preferred dividend will be paid on January 16, 2018 to shareholders of record as of December 29, 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 to 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 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.
Contact at the Company:
Scott Kucinski
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
(757) 229-5648