Sotherly Hotels (SOHO) 2011年年度报告「NASDAQ」.pdf

1、STAYING THE COURSE.2011 Annual ReportR aleigh Brownstone-Univer sit yCon ver sion&R enovat ionD oubl e Tr ee by Hi ltonD ou ub bl e eT Tr ee by Hi ltonBefore-ExteriorAfter-ExteriorBefore-Front DeskAfter-Front DeskBefore-LobbyAfter-LobbyCrowne PlazaJacksonville Riverfront Jacksonville,FL DoubleTree b

2、y Hilton Brownstone-University Raleigh,NCHiltonPhiladelphia AirportPhiladelphia,PAHilton Savannah DeSoto Savannah,GAHilton Wilmington Riverside Wilmington,NCSheratonLouisville Riverside Jeff ersonville,INCrowne PlazaTampa Westshore Tampa,FLHoliday InnLaurel WestLaurel,MD Crowne PlazaHampton MarinaHa

3、mpton,VAPropert y Port folioCrowne PlazaHollywood Beach ResortHollywood,FL Sh ar ehol der Let t erTo Our Shareholders:Year 2011 was the second year of an anticipated fi ve to six year recovery for the industry and our Company.Th e patience and good judgment exhibited in the two prior years to keep s

4、hareholder dilution to a minimum became apparent during 2011 as the debt markets loosened and our balance sheet restructuring showed favorable results.For calendar 2011,all major operating metrics improved with positive increases in Occupancy,Average Daily Rate,Room Sales,Total Sales,Market Share,Gr

5、oss Operating Profi t(“GOP”),GOP Margin,Net Operating Income,Hotel EBITDA and Adjusted Funds from Operations(“AFFO”).We outperformed our peer group and industry fi nishing the year as the top performing public lodging REIT in terms of total return.Entering the year,MHI considered 2011 to be transiti

6、onal in nature,moving from three years of retrenchment to strengthening our fi nances,improving performance and a reinstatement of the common dividend.Early in the year we completed a transaction with Essex Equity Capital Management,LLC and affi liates(“Essex”)to strengthen our balance sheet,eff ect