Sotherly Hotels Reports Preliminary Operating Results

• 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 […]