Sotherly Hotels Inc. Provides Update on Impact From Hurricane Florence
WILLIAMSBURG, Va., Sept. 18, 2018 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that is has experienced no significant property damage or injuries at its hotels located in the path of Hurricane Florence.
Hotel Ballast in Wilmington, North Carolina (the “Hotel”) remained open during Hurricane Florence and remains open, serving the needs of guests and the Wilmington community. The hotel incurred wind and water related damage from the hurricane, but the Company believes this damage is not material, barring the Company’s completion of a full property inspection and assessment of the Hotel. The Company will utilize its property, flood, and business interruption insurance policies as needed.
“Our thoughts and prayers are with the countless people and communities who have been impacted by Hurricane Florence as they recover from this devasting storm and the resultant flooding that has followed,” said Drew Sims, Chairman and Chief Executive Officer of the Company. “Hurricane Florence’s path directly impacted travel throughout all of the Southeastern United States, which encompasses the majority of our portfolio, however we expect these travel disruptions to be short-term.”
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 twelve hotel properties, comprising 3,156 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel. The Company owns hotels that operate under the Hilton Worldwide, Hyatt Hotels Corporation, InterContinental Hotels Group and Marriott International, Inc. brands, as well as independent hotels. 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 KucinskiSotherly Hotels Inc.410 West Francis StreetWilliamsburg, Virginia 23185(757) 229-5648