WILLIAMSBURG, Va., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") is amending the estimated income tax classification information of the Company's 2024 distributions on its Series D preferred shares (CUSIP #83600C509), which was previously released on February 18, 2025, due to the inclusion of incorrect "paid" and "record" dates in the release. The changes apply to only the Series D preferred shares portion of the release. The income tax classification of the 2024 distributions as it is expected to be reported on Form 1099-DIV is set forth in the following table:

SERIES B PREFERRED SHARES
		Total	Taxable	Nontaxable
Record	Paid	Cash Distribution	Ordinary	Distribution	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/29/2024	03/15/2024	0.500000	0.500000	0.000000	0.500000
05/31/2024	06/17/2024	0.500000	0.500000	0.000000	0.500000
08/30/2024	09/16/2024	0.500000	0.500000	0.000000	0.500000
11/29/2024	12/16/2024	0.500000	0.500000	0.000000	0.500000
TOTAL		2.000000	2.000000	0.000000	2.000000
Percent		100.0000%	100.0000%	0.0000%	100.0000%

The CUSIP number for Sotherly Hotels Inc.'s Series B Preferred Shares is 83600C301.

SERIES C PREFERRED SHARES
		Total	Taxable	Nontaxable
Record	Paid	Cash Distribution	Ordinary	Distribution	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/29/2024	03/15/2024	0.492188	0.492188	0.000000	0.492188
05/31/2024	06/17/2024	0.492188	0.492188	0.000000	0.492188
08/30/2024	09/16/2024	0.492188	0.492188	0.000000	0.492188
11/29/2024	12/16/2024	0.492188	0.492188	0.000000	0.492188
TOTAL		1.968752	1.968752	0.000000	1.968752
Percent		100.0000%	100.0000%	0.0000%	100.0000%

The CUSIP number for Sotherly Hotels Inc.'s Series C Preferred Shares is 83600C400.

SERIES D PREFERRED SHARES
		Total	Taxable	Nontaxable
Record	Paid	Cash Distribution	Ordinary	Distribution	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/29/2024	03/15/2024	0.515625	0.515625	0.000000	0.515625
05/31/2024	06/17/2024	0.515625	0.515625	0.000000	0.515625
08/30/2024	09/16/2024	0.515625	0.515625	0.000000	0.515625
11/29/2024	12/16/2024	0.515625	0.515625	0.000000	0.515625
TOTAL		2.062500	2.062500	0.000000	2.062500
Percent		100.0000%	100.0000%	0.0000%	100.0000%

The CUSIP number for Sotherly Hotels Inc.'s Series D Preferred Shares is 83600C509.

No portion of the dividends declared in 2024 represented foreign taxes or qualified dividend income. Record holders of the Company's common shares who received any of the dividends specified in the table above will receive an Internal Revenue Service (IRS) Form 1099-DIV from Equiniti Trust Company, LLC (formerly, American Stock Transfer & Trust Company), the Company's dividend paying agent. The Form 1099-DIV will report the dividends paid with respect to 2024. Shareholders whose shares are held in "street name" will receive an IRS Form 1099 from the bank, brokerage firm or other nominee holding their shares.

The information in the table above is based on the preliminary results of work on the tax filings of the Company and is subject to correction or adjustment when the filings are completed. No material change in these classifications is expected. The tax information above should not be construed as tax advice and is not a substitute for careful tax planning and analysis. Shareholders are encouraged to consult with their own tax advisors regarding the specific federal, state, local, foreign and other tax consequences of ownership of the common shares of Sotherly Hotels Inc. and the specific tax treatment of distributions therefrom.

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 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide, Marriott International, Inc., and Hyatt Hotels Corporation 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:        

Mack Sims        
Sotherly Hotels Inc.
306 South Henry Street, Suite 100
Williamsburg, Virginia 23185        
(757) 229-5648

Sotherly Hotels Inc. Announces Amended Dividend Tax Treatment