Sotherly Hotels Inc. Reports Net Loss for Q2 2023 Amidst Challenging Market Conditions
Revenue Declines for Sotherly Hotels Inc. in Q2 2023 Reflecting Industry Challenges
Williamsburg, Virginia - Sotherly Hotels Inc. (SOHO), a prominent lodging Real Estate Investment Trust (REIT) specializing in upscale to upper-upscale full-service hotels in the Southern United States, has announced its financial results for the second quarter of 2023. The company faced headwinds during the quarter as it reported a net loss amidst challenging market conditions. Additionally, Sotherly Hotels Inc. experienced a decline in revenue, reflecting the ongoing difficulties in the hospitality industry.
Challenging Market Conditions Lead to Net Loss
Despite its efforts to navigate the current economic landscape, Sotherly Hotels Inc. reported a net loss for the second quarter of 2023. The company faced several challenges, including the impact of national and local economic conditions on occupancy rates and revenue at its hotels. These difficulties were further compounded by increased competition and new supply of hotel rooms, rising operating costs, and the lingering effects of the COVID-19 pandemic on the travel industry.
