Sotherly Sees Strong Room Rate Growth at Georgian Terrace

Sotherly Hotels’ David Folsom is reporting strong RevPAR growth at its nearly renovated Georgian Terrace. David says RevPAR jumped 8.1% in Q4, driven by a 9.3% rate gain.

“With the high quality and more consistent rooms’ product now in the mix as a result of our renovation, we’re able to move more aggressively on rate against our competitors,” he told analysts in a recent call. Sotherly purchased the iconic 326-room Midtown hotel—right across from the Fox Theatre—back in 2014 for $61M, or $140k/room. At the time, Sotherly reported that the hotel’s room rate averaged about $136/night. It then embarked on a nearly $6M room renovation that included hardwood flooring, marble tile, and all new fixtures and furniture. Total renovations are slated for completion by May, David says.