WILLIAMSBURG, Va., May 30, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced that its Board of Directors has authorized payment of a special cash dividend for the Company's Series B, Series C, and Series D Preferred Stock.

The Board of Directors authorized, and the Company has declared, a special cash dividend of $0.50 per share of beneficial interest of the Company's 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The Series B preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

The Board of Directors also authorized, and the Company has declared, a special cash dividend of $0.4921875 per share of beneficial interest of the Company's 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. The Series C preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

The Board of Directors also authorized, and the Company has declared, a special cash dividend of $0.515625 per share of beneficial interest of the Company's 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock. The Series D preferred dividend will be paid on July 14, 2023 to shareholders of record as of June 30, 2023.

"We are pleased with the continued improvement of the Company's operating fundamentals, which has allowed us to authorize this special dividend payment for our valued shareholders," commented Dave Folsom, the Company's President and Chief Executive Officer. "Further reducing the amount of cumulative unpaid preferred dividends remains a top priority for the Company."

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. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company's portfolio consists of investments in ten 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 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 Special Preferred Dividend Payable in July