Sotherly Hotels (SOHO) 2008年年度报告「NASDAQ」.pdf

1、2008 Annual Report to StockholdersHospitality.Value.Opportunity.Building Value Longer TermCrowne Plaza Jacksonville Riverfront,Jacksonville,FL Shell Island Resort,Wrightsville Beach,NCHoliday Inn Brownstone,Raleigh,NCHilton Philadelphia Airport,Philadelphia,PAHilton Savannah DeSoto,Savannah,GAHilton

2、 Wilmington Riverside,Wilmington,NCSheraton Louisville Riverside,Jeffersonville,INCrowne Plaza Hollywood Beach Resort,Hollywood Beach,FLCrowne Plaza Tampa Westshore,Tampa,FLHoliday Inn Laurel West,Laurel,MD A 2008 Renovation Award Winner awarded by InterContinental Hotels GroupPo r t fo lioCrowne Pl

3、aza Hampton Marina,Hampton,VASto c k ho ld er L et t erTo Our Stockholders:In the face of a historically challenging global economy,we have remained focused on the fundamentals of our business:that of building a portfolio of well-located and in-demand hotel assets.The year 2008 was clearly formidabl

4、e in that industries across the board,including hospitality,were impacted by a deeply troubled economy.However,2008 was also transformative for our company in that we substantially completed the value enhancement plan for our real estate platform.In 2008 we also capitalized on the means to strengthe

5、n the company and our competitiveness.Highlights include:We bolstered our market presence in the Mid-Atlantic and increased our asset base with the acquisition of a full-service waterfront hotel in Hampton,Virginia.We completed$44.4 million of improvements across the portfolio that significantly upg

6、raded the quality and appeal of these assets.We restructured the mortgage on our Hollywood,Florida joint venture property on favorable terms.We increased the companys credit line to its full capacity at$80.0 million.We moved to the NASDAQ stock market(Nasdaq:MDH):a natural progression in our company