Sotherly Hotels Reports Preliminary Operating Results
Skift Take
- Sotherly Hotels reported preliminary operating results for 1Q23 for their 10 wholly-owned properties. RevPAR was up 21.4% led by an 11.4% jump in occupancy.
- Tighter budgets, busy airports, and soaring prices are prompting a more frugal tourist to return. Even high-end travelers are pulling back on their vacation spending, Bloomberg reported.
- Lightstone announced the April 12 debut of the 37-story, 727-key Moxy & AC Hotels Downtown Los Angeles.
The DJIA fell 199 points while Nasdaq was down 63, the S&P 500 fell 24 points and the 10-year treasury yield was down .09 to 3.34%. Lodging stocks were mostly lower. AHT was the only big mover, down -11% on the day.
Sotherly Hotels reported preliminary operating results for 1Q23 for their 10 wholly-owned properties. RevPAR was up 21.4% led by an 11.4% jump in occupancy. We really have no idea why SOHO did this unless they were trying to balance the 20,000 share sale by their chairman the other day. Most other lodging REITs have been seeing insider buying.
Tighter budgets, busy airports, and soaring prices are prompting a more frugal tourist to return. Even high-end travelers are pulling back on their vacation spending, Bloomberg reported. They want to pay no more than $500 a night for a hotel, and they aren’t interested in paying extra for greener or fancier options, according to the latest MLIV Pulse&
